MBA stands for Master of Business Administration and MBA graduates play a crucial role in growth of every company. In recent years, well known universities are planning to start a MBA course for sector wise like Pharma etc. MBA graduates are working as Project managers, playing a role in marketing etc.
What is the Necessity to Start a Pharma MBA?
Actually, pure MBA will concentrate on common principles which applicable for all types of businesses. When pure MBA candidates hired by pharma companies, they are facing some problems to understand the technical and drug related terminology. Hence, some of the ivy universities have planned to start a Pharma MBA course suitable to the environment of Pharma Industry. These candidates can work properly without facing any issues because they obtained their degree in Pharmacy.
Why Pharma MBA is not Gaining Much Importance?
Actually Pharma Industries are always trying to give preference to the MBA graduates who are studying in top ivy schools. But no top ivy schools like IIM etc are offering Pharma MBA course and NIPER, central autonomous institute, is offering Pharma MBA course but it is not gaining much importance, Why?
NIPER is one of the prestigious institutions of pharma sector in India and sometimes somebody telling it is equal to IITs. My question here is then “why the students are not getting good packages compared to IIMs.” Because companies believing the candidates who obtained their degree from IIMs but not from other institutions. Here is one more factor we should consider that most of the recruiters working in pharma companies are from technical background and they don’t know what the pharmacy is actually. After joining, they are learning about the pure pharma sector and playing key role in industries. Pharma students are actually from pharmacy background but not playing key role in business. This is one of the reasons and psychologically companies have decided to hire the candidates from IIMs. When all the companies changed their psychological mentality on Pharma MBA graduates, then this scenario will be changed. IIMs have international reputation and recognized for its research, course curriculum and business activities. NIPER recognized for research but not for the business related activities in pharma industries.
We have done one survey on this and came to know important factors that why pure MBA people gaining much salary than that of Pharma MBA? Companies will give preference according to the institutional ranking. This is the reason whoever pursued their Phama MBA in Deemed/Private University are gaining much salary (eg. NMIMS etc) than that of NIPER MBA.
Most of the recruiters psychologically decided that some of the business schools are very good, therefore we will recruit those students for higher packages but not students from other institutions. NMIMS is offering B.Pharm+MBA, M.Pharm+MBA etc courses are gaining much importance and those students are gaining the salaries even more than 25 lakhs per annum (highest package). Actually, MMIMS is one of the best business schools in India (Five star rating business school) and if it’s initiated any course, those may get positive response from recruiters. This is the only institution attracting the pharma companies with its Pharma MBA course and companies are also offering good packages to the students of NMIMS.
If you really want to go with business sector and expecting to have good salaries then give preference to the pure MBA but not Pharma MBA. Because pharma MBA candidates from NIPER will get the packages ranged from 3.5 to 14 lakhs (14 lakhs is rarely offering) and average salary may be between 3-5 lakhs. Hence, we suggest you to go with pure MBA offering by top ivy business schools in India.
If anybody wants to know the top business schools offering pharma MBA, please drop your request in comment box and those will be updated at the earliest. If you have any queries, feel free to contact us.