Cash in on pharma sector growth

Ashok Peepliwal

This sector has witnessed over 17 per cent annual growth from 2005 to 2016. The size of the industry is expected to be a robust Rs 40,000 crore by 2020. 

There are only a handful of other sectors that offer as lucrative career choices as are being offered by the pharma sector. 

A focused master’s programme in pharmaceutical management, like MBA In Pharmaceutical Management is a course that deals with health, management and chemical sciences. MBA graduates in pharma work with these disciplines to ensure the safe and secure use of pharmaceutical drugs.

Getting in 

Eligibility for the programme is a basic graduation degree in Pharma or Science or Life Sciences. The admission process is quite rigorous for MBA programmes of top universities. Numerous national-level exams are conducted in various universities like CMAT (Common Management Admission Test), GMAT, NMAT (Narsee Monjee Aptitude test), Pharma MAT by IIHMR University. 

The entrance test is followed by group discussion and personal interview. The qualities that are judged through group discussion and interview are the candidate’s ideas, expression ability, aptitude, attitude, decision making and critical thinking. 

There are many colleges and universities that are offering MBA in Pharmaceutical Management. The prominent ones are:

• Narsee Monjee Institute of Management Studies (NMiMS University), Mumbai, 
• Indian Institute of Pharmaceutical Marketing, Lucknow, 
• Jamia Hamdard University, New Delhi, 
• Indian Institute of Management, Ahmedabad
• National Institute of Pharmaceutical Education, and Research (NIPER),
• The Indian Institute of Health Management and Research (IIHMR University), Jaipur, 
• Indian Institute of Commerce and Trade, Lucknow etc.

Job roles  

After getting MBA in Pharmaceutical Management  degree one can join pharmaceutical companies in diverse roles like pharmaceutical sales, R&D, marketing, management, and related fields as Quality Assurance Manager, Drug Distribution Manager, Business Development Manager, Sales Manager, Marketing Research Analyst, or Marketing Manager etc. Experienced MBA graduates can fit into the role of  Deputy General Manager or Regional Manager in reputed public sector pharmaceutical companies. 

Those wanting study after an MBA degree can opt for doctoral level courses in field of pharmaceutical economics, health systems, and pharmacy management etc.

Pay and perks 

The starting salary for MBA graduates in this sector has gone up sharply over the past few years. The starting salary for an MBA (Pharmaceutical Management) is around Rs 4.5 lakh to Rs 10 lakh per annum. High rated performers can draw much more than this average figure. Good experience in this field can easily lead to a highly-paid job. It is important to note that those who start with high packages do not necessarily draw proportionately high salaries 10 years later but if the selection of career path is right at the start, with a company of the right profile, then one can attain job satisfaction, a good package and a senior position in the industry within a short span of time.

It is thus advisable for students pay due attention to the company profile, its good-will, market value  and also their own long-term career plans before joining it. It is important to match your long-term plans with the priorities of the company you are applying to. 

There are a lot of opportunities for overseas placement also after the completion of the course. The demand for Indian professional in this field is much more in other countries because of various reasons like cost effective labour etc.   

It is a matter of paramount importance to select the right avenue at the right time to make a successful professional career. At present, the pharma-industry is in need of highly qualified technical, researchers, highly skilled, dynamic, effective managers who can take a company's challenges forward by taking the complex decisions for the success and growth. 

 — The writer is Associate Professor, IIHMR University, Jaipur