Pharma is experiencing extraordinary growth as the inexorable tendencies of globalization and innovation permeate the industry. As a result, there has never been a greater need for experienced individuals to fill supply chain management, product management, marketing, and branding roles. Interestingly, India’s pharmaceutical industry is ranked third in size and thirteenth in terms of value. Undeniably, those interested in pursuing an MBA or PGDM courses in ahmedabad will find a vast array of possibilities there.
In this piece, we’ll look at the best career paths and opportunities for those with an MBA/PGDM in the pharmaceutical industry.
Top Job Profiles and Salary in Pharma Sector post-MBA
Pharma Competitive Intelligence Analyst
Commercial/Business Analytics and commercial intelligence role in Pharma require knowledge of market research, market assessments, analytics, and competitive intelligence. The position requires delegates to assist project managers in client and change management and define project scope, timelines, and effort estimation. The competencies needed to perform the role effectively are organization, conflict management, collaboration, exclusive written and verbal communication skills, quality orientation, and personal initiative. Novartis and Novartis Healthcare offer attractive packages of 8 to 11 LPA in India.
Pharma Commercial Analytics
This position supports Commercial Analytics enabling sales and marketing analytics, including the management of field sales rosters, sales force alignments, and targeting. In addition, this position functions as a vital liaison between sales, marketing, and operations in relation to the domains. As a manager of commercial analytics in the pharma sector, the person will provide insights and recommendations for enhancing the sales/marketing teams’ business success based on a thorough awareness of industry trends. The candidate will oversee brand tracking, data management, operations, effective communications, and organizational change processes. In the functional area of analytics in the pharmaceutical sector, the candidates have great opportunities to make between 5LPA-20LPA. They can expect average annual earnings of 10LPA.
Pharma Sales Manager
For a portfolio of products, the pharmaceutical sales manager is responsible for developing and implementing sales strategies to meet sales goals. The pharmaceutical sales manager will also oversee a group of sales agents and ensure they are adequately motivated and trained. The person will also watch cultivating and maintaining connections with important clients, including doctors, pharmacists, and hospital administrators. Depending upon the performance, a candidate may swiftly rise to the positions of area sales manager, region sales manager, and global sales team manager. The pay scale ranges from 5 to 12 LPA.
Business Development Manager
This career path can be gratifying for those who are innovative, resourceful, and bold in their decision-making. It requires self-motivation to help organizations/entrepreneurial endeavors build a pharmaceutical industry business, focusing on customer relationships and marketing teams. This position will manage and deliver new business from the defined segment while collaborating closely with marketing and sales leaders. Furthermore, it entails forming and implementing strategic plans, establishing client relationships, collaborating with internal and external stakeholders, and more. The average pay for Pharma Business Development Manager is 9 LPA.
Key Account Manager
In the conventional setups, pharmaceutical companies only focused on clinical sales. However, with the evolution of the pharma sector with innovative products and solutions, pharma companies have diverse clients with different business requirements. Some companies like Cipla are well-established, having a solid client base with long-term customers. Therefore, the demand for key account managers to establish and strengthen relationships with loyal customers are high. The person may hold the position at any of the three levels, managing a single client (big pharmacy or a hospital) next is the chain of hospitals or a nationwide wholesaler. Finally, KAM may be responsible for strategic accounts management that comprises international organizations, payers, and key strategic authorities. It calls for a tailored strategy that emphasizes creating value and coordinating corporate objectives. These are unquestionable “must-win” accounts for KAMs. Companies like Pfizer, Novartis, Cipla, Mankind Pharma, and Johnson & Johnson offer competitive salaries for KAM, ranging between 8 to 12 LPA.
Drugs Procurement Manager
The end-to-end supply chain process for pharmaceutical and medical equipment requirements, including sourcing, safety, demand planning, product selection, warehousing, quality inventory, and transport, is managed by the procurement manager (PM) for the designated countries’ regions. Create collaborations of the highest caliber with suppliers and other businesses. The PM is primarily responsible for creating and maintaining strategic initiatives for pharmaceuticals and medical equipment. The PM must give support and oversight while considering the strategy’s overall budget. The key functioning entails contract management, cost control, budgeting, inventory management, seeking strategic supplier relationships, adopting cost models, and sending data analysis. The average annual salary of a Pharma Procurement Manager is 11 LPA and can reach up to 25 LPA.
Pharma Financial Analyst
Working as a financial analyst for a pharmaceutical company is an excellent opportunity. As a pharmaceutical financial analyst, one must evaluate the financial information and assets of the business to support future business choices. It is essential to all businesses and can promote expansion. To assist the business in making wise financial decisions, one must conduct market research and understand the current business climate as a pharmaceutical financial analyst. Individuals must possess in-depth knowledge of accounting and pgdm courses to be considered for this position in the pharmaceutical business. The financial analyst in the Pharma sector is also one of the top-paying profiles with an average annual salary of 9LPA.
Final Word
For MBA and PGDM aspirants, landing a career in the pharmaceutical sector is a fantastic opportunity. Given the fast-paced evolution and demand rise due to the pandemic, numerous opportunities are emerging daily in the pharmaceutical industry. Apart from the listed profiles, there are also vast opportunities in the sector’s functional areas of supply chain management, human resource, and project management functions. Besides that, new fields are emerging in e-pharmacy and e-medicine, where various IT and data-oriented roles will require a significant number of data analysts, digital marketers, and IT officers. The information shared in the article will enlighten less-traveled career paths for MBA and PGDM aspirants. Explore these opportunities and revamp your career path!
