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MBA in Pharmaceutical and Healthcare Business - Career Outcomes
The pharmaceutical industry represents one of the most dynamic and demanding industries in the world. As healthcare continues to grow and account for a significant portion of the economy in the United States and throughout the world, the importance of the pharmaceutical and healthcare industry increases.
Keys to Success in Pharmaceutical and Healthcare Business
Successful pharmaceutical executives possess a broad business base, combined with an in-depth knowledge of the industry. Successful managers need to achieve a level of competence in the areas of fundamental management within the industry. These functional areas include:
- R&D management
- Finance and accounting
- Marketing and sales
- Human resource management
- Operations management.
Successful executives also integrate these disciplines with the specific needs of the pharmaceutical industry in such areas as:
- Global business and product strategy
- Multinational and national marketing
- Institutional, governmental, patient, and physician sales
- Drug discovery
- Drug development and marketing
- R&D management
- Drug formulation and manufacturing
- Drug portfolio analysis
- Government regulation and compliance
Pharmaceutical and Healthcare Business Career Outlook
The pharmaceutical industry is characterized by a number of distinctive features:
The pharmaceutical industry spends more on R&D than any other industry. R&D consumes nearly 20% of sales, a percentage more than twice that of the next closest industry -- computers and telecommunications.
With the necessary investment in a new product approaching $1 billion to develop and averaging 12 to 14 years to bring to market, knowledge of the R&D process is especially critical to the pharmaceutical executive.
USciences' MBA program offers in-depth courses in both R&D and new product development. Industry professionals and practitioners teach the courses. Their expertise is augmented by fellow students who are frequently scientists and R&D specialists seeking to expand their capabilities.
Global in Scope
Few industries are as global in scope. While many industries may be international in the sense that a company may sell many products to many sectors, few industries adopt global strategies and implement programs for individual product development and commercialization to the extent of the pharmaceutical industry.
Global marketing and sales are special challenges for the industry, as country-specific regulatory oversight, government ministries, and health care providers all play important roles in the manufacturing and the promotion of pharmaceuticals.
Our MBA offers courses and learning opportunities to prepare students for understanding and managing the full life cycle of the commercialization process both in the US and overseas. In addition to international marketing courses and projects, many faculty members have long-standing relationships (and careers) with companies and practicing professionals in the US, Europe, and Asia.
Government regulation and oversight touches virtually every aspect of pharmaceutical management, including pricing (in every market but the US), promotion and advertising, product development, manufacturing and distribution, and regulation and approval.
Our MBA offers courses that provide its students with a working knowledge of the regulation, legislation, and accompanying rationale in the U.S. to ensure both understanding and compliance. International courses provide insight into how to interpret the regulatory arenas in other countries. In addition, a foundation in ethical practices and health policy issues is provided.
Adriane Medford, MBA
University of the Sciences
600 South 43rd Street
Philadelphia, PA 19104-4495