Explore Courses
Top University
Jagpreet
07 August, 2024
Table of Contents
Pharmaceutical management is a one of the core part of healthcare management. Pharmaceutical management primarily deals with the pharma industry and its business as well as day-to-day operations. There are multiple responsibilities involved, such as executing the principles of the management to make sure that the development, production, distribution, and marketing of pharmaceutical products take place without any hassle. People who work in this industry are responsible for ensuring that companies in the pharma industry work without any interference and sincerely adhere to the rules and regulations while also focusing on achieving their targets.
Here are the main responsibilities played by the professionals in the field of pharmaceutical management:
Professionals in this industry have to maintain a balance with respect to the laws, and the guidelines that they are expected to follow. This includes major responsibilities such as approving the drugs before they are available in the market for consumption and also checking the safety standards of these products.
The Supply chain management in the pharmaceutical sector matters significantly given the efficiency it demands with respect to the distribution of pharmaceutical products. They must be smoothly carried out to ensure that there is no break in the supply of high-quality medications.
The process of marketing a product involves a meticulous eye looking out for all the minute details to ensure maximum accuracy. Therefore, the pharmaceutical industry demands a set of well-planned strategies that can help promote and increase the sales of pharmaceutical products. The process can be quite cumbersome as it involves several components such as:
Conducting a market research
Promotion through effective advertising
Selling the products through effective sales strategies
This part of the job role demands the analysis and supervision of the budgets. Financial planning is important to recognise the loopholes when there is excessive spending and strong investment strategies and planning that can promote and secure the businesses.
Research and development are important components of every industry and are driven by scientific evidences. As far as the work of medications is concerned, it demands considerable funding for the following:
Clinical trials of the medicines and the vaccines once they are manufactured to understand how they would work when consumed by human beings.
Conducting research on new or existing medications.
Funding the IP- Intellectual Property.
It is important to make sure that the quality of the medications or vaccines is not compromised. They are out for human consumption and therefore need to go through a comprehensive quality check.
The pharmaceutical industry, similar to any other industry needs the support of economic factors such as pricing strategies, cost-benefit analysis, and healthcare policy.
There are multiple job roles that are a part of this industry and therefore, it is necessary to manage the job factors such as hiring, training, employee management and similar responsibilities within the pharmaceutical companies so that there is a smooth functioning within the workforce as well.
An MBA in this industry gives you a sound understanding of the field as well as ensures that you prepare for the management roles effectively given the involvement of a humongous workforce. Additionally, this career also demands efficiency in the mode of communication to ensure that there are no barriers either during production or during the supply of pharmaceutical products.
Here are the top colleges in India that offer an Online MBA in Pharmaceutical Management. The fee chart mentioned is subject to change depending on the university guidelines, year of admission, and other factors such as financial aid, scholarships and the mode of payment.
* The colleges mentioned here provide healthcare and hospital management general courses. Parul and Manipal University, however, offer a particular degree in Pharmaceutical Management.
| Colleges | Fee Chart |
| Manipal University Online | INR 2,80,000 |
| Parul University | INR 90,000 |
| D.Y Patil University | INR 1,69,000 |
| Jain University | INR 45,000 |
Here are the top five career prospects after completing an online MBA in Pharmaceutical Management. These career prospects are considered to be some of the most lucrative options. However, depending on the parameters they may differ.
It is the responsibility of a regulatory affairs manager to analyse the data that is gathered from the clinical trials that are conducted to ensure that a medicine or a vaccine is appropriate for it to be launched in the market for safe human consumption. There is an extensive research and development process that is involved before the launch of any such medical product and therefore, it is the work of the regulatory affairs manager to ensure that the regulatory standards outlined by the FDA or ICH are met. The average salary ranges from INR 6.8 Lacs to INR 27.5 Lacs.
Marketing is an essential component of every industry. Even in the pharmaceutical sector, the marketing manager is responsible for the product introduction to the market and the management of the product life cycle. The shelf-life of the product in this industry matters significantly given the safety concerns they may give rise to. Designs, develops, implements, and analyses the various marketing strategies and media used to market and promote new products. The average salary range for a marketing manager is INR 2.3 Lacs to INR 24.3 Lacs.
In the pharmaceutical industry, the role of a business development manager is to identify and pursue new business opportunities. This involves conducting market research and analysis to identify potential target markets, customers, and partnerships.
The role of a product manager is slightly complex as it involves a mix of both research and application. Product managers take the knowledge they gain from their research and apply those learnings to crafting a high-level strategic plan. This strategy will include the market and the popular choices the product will serve and how it will solve that market’s specific challenges—a high-level overview of the product itself. The average salary is around INR 21.4 Lacs.
In the pharmaceutical industry, the job role of a Clinical Research Manager involves the responsibility for planning, coordinating, and directing clinical research projects in the pharmaceutical and biotechnology industries.
Here are the top career prospects after completing an Online MBA in Pharmaceutical Management. The salary chart mentioned here is subject to change depending on various factors such as job role and responsibilities, educational qualifications, work experience prior to the job, personal skills knowledge about the job role and the company location.
| Career Prospects | Salary (Year) |
| Quality Assurance Manager | INR 5.5 Lacs to INR 35.0 Lacs |
| Sales Manager | INR 2.2 Lacs |
| Research and Development Manager | INR 7.7 Lacs to INR 23.0 Lacs |
| Supply Chain Manager | INR 3.0 Lacs to INR 29.9 Lacs |
| Financial Analyst | INR 2.1 Lacs to INR 12.5 Lacs |
Here are the top recruiters in the field of the pharmaceutical industry after an Online MBA. The salary mentioned is subject to change and may depend on a variety of factors such as the job role, responsibilities, company profile and location.
| Recruiters | Salary |
| Cipla | INR 8.1 Lacs |
| Sun Pharmaceuticals | INR 9.0 Lacs |
| Biocon | INR 10.0 Lacs |
| Glenmark Pharmaceuticals | INR 9.0 Lacs |
| Lupin | INR 7.3 Lacs |
| Aurobindo Pharma | INR 7.5 Lacs |
| Cadila Healthcare | INR6.8 Lacs |
| Pfizer India | INR 9.8 Lacs |
| Novartis India | INR 16.4 Lacs |
When the question is about human health and consumption, no compromise is often made. There are multiple responsibilities that are supposed to be managed by the people in the pharmaceutical industry. It is, therefore, important to realise the relevance of each of these job roles. There is no end to any of these duties, given the constant launch of new medicines, therapies, treatments and vaccinations. Heavy research and development is involved in the process of the development and procurement of these medicines and the other facilities, and therefore, only highly skilled and professional people work as a part of this vast industry.
Under the roof of pharmaceutical management, there are multiple responsibilities that are required to be taken care of. There is no way, the responsibilities can either be removed or replaced as they will always require human intervention to ensure the maximum level of accuracy as it is about human consumption and health.
The good thing about an MBA degree irrespective of the specialisation is that it does not demand a similar degree prior to the course.
Here are the companies
Cipla
Sun Pharmaceuticals
Dr. Reddy’s Laboratories
Lupin
Aurobindo Pharma
It depends on the subjects that may vary. If you have a degree in a similar field, concepts might be easier for you to grasp. Having said that, you can still catch the pace even if you have not studied something similar earlier.
Yes, there are not just renowned colleges but also reputed recruiters who hire professionals after completing an MBA in pharmaceutical management. Therefore, India does ensure a promising and secure future for those who plan to work in this field.
