Hello friends, welcome back to my blog. I just finished a total of 3 classes on my MBA journey so far: Statistics, Accounting, and Marketing. Among those three, Accounting was the least entertaining. Two more courses are about to start next week. It is not going to get any easier. A friend asked me what the benefits are for having a PharmD and an MBA. Let’s dig right into it.

UPDATE: August, 2023

As I am writing this update, It has been two year since I completed my MBA. Stay tuned for the update towards the end of the blog.

According to the American Association of Colleges of Pharmacy (AACP), there are currently 80 colleges and universities in America that offer two or more dual-degree programs alongside a PharmD¹. In 2017, there were only 40 schools that offered these kinds of education. This staggering increase proves a higher demand for these types of programs in today’s landscape of pharmacy practices.

My 10 years career path

Like any other field of employment, the road to becoming a manager can be long and whiny. I considered my career path is more fortunate than others. The opportunity presented itself early in my career. Upon graduation in 2013, I was promoted to a Pharmacist in Charge of a retail pharmacy store after just a month of being a pharmacist floater. Without any prior management training, I was not afraid to start this leadership role. My attitude at this point was to keep learning and absorbing as much experience as I could.

Fast forward to 2023, I am a pharmacy director for a 130-beds hospital. Directorship requires me to pay more attention to the financial aspect of the pharmacy. I started to feel that my PharmD was inadequate to support my professional career.

Benefits of MBA program

Here are the 10 essential skills that were taught throughout various classes in my program which can contribute to your success as a manager:

1. Leadership: Being an effective leader is crucial. You should be able to inspire, motivate, and guide your team toward achieving common goals. Good leaders also lead by example and demonstrate integrity.
2. Communication: Strong communication skills are vital for a manager. You need to be able to clearly articulate your expectations, provide feedback, and listen to your team members. Effective communication fosters understanding, minimizes conflicts, and promotes collaboration.
3. Emotional intelligence: Being emotionally intelligent allows you to understand and manage your own emotions and those of others. It helps you build strong relationships, empathize with your team members, and handle conflicts or difficult situations with tact and empathy.
4. Decision-making: Managers often face complex decisions. Developing strong decision-making skills involves gathering relevant information, analyzing options, weighing pros and cons, and making timely and informed choices. Confidence in decision-making inspires trust in your team.
5. Time management: You’ll have numerous responsibilities and tasks as a manager. Effective time management skills help you prioritize and organize your work, delegate tasks when necessary, and ensure deadlines are met. This skill enables you to be productive and maintain a healthy work-life balance.
6. Problem-solving: Managers are often confronted with challenges and problems. Being a skilled problem solver means identifying issues, evaluating alternatives, and implementing effective solutions. Encouraging a culture of innovation and critical thinking within your team is also valuable.
7. Adaptability: The business landscape is constantly evolving, and managers need to be adaptable to change. Embracing new technologies, processes, and strategies can help you navigate uncertainty and keep your team agile. Adaptability also means being open to new ideas and seeking continuous learning.
8. Team building: Building and nurturing a cohesive and high-performing team is crucial. You should be able to create a positive work environment, foster collaboration, and provide opportunities for growth and development. Recognizing and utilizing the strengths of individual team members can lead to better outcomes.
9. Conflict resolution: Conflicts are inevitable in any workplace. As a manager, you should be skilled in resolving conflicts, mediating disputes, and finding win-win solutions. Effective conflict resolution promotes a harmonious and productive work environment.
10. Financial acumen: Understanding financial aspects, such as budgeting, forecasting, and financial analysis, is essential for managerial roles. This knowledge allows you to make informed decisions, manage resources effectively, and contribute to the financial success of your team and organization.

Upgrade level of confidence

MBA programs provide comprehensive training in various business areas, such as finance, marketing, operations, strategy, and leadership. Acquiring knowledge and skills in these domains can make individuals feel more competent and capable of addressing complex business challenges.

When communicating with other directors, the Chief of Finance, and the Chief of Operations, basic business knowledge can go a long way. Since everyone’s backgrounds and educations are different and unique, it is sometimes troublesome to understand why decisions are made at the executive level. Money plays a big part in any decision-making, and the MBA would allow me to be more confident at participating in more complex projects.

Leverage job opportunities and resume

If everyone has the same degree and education, it would be difficult for employers to pick a qualified candidate from the crowd. I had to compete with not just 108 kids from my class but also thousands of PharmD candidates from the class of 2013. A degree was only enough to get me in the door. Per USC school of pharmacy: “As the field of health care becomes more complex and more focused on cost-effectiveness, an understanding of accounting, communication, finance, decision-making, personnel, strategic planning and related areas is crucial for today’s practicing pharmacist, no matter what career option you choose.”

A pharmacist with an MBA possesses a unique combination of skills that can appeal to employers. They have in-depth knowledge of pharmaceuticals, healthcare systems, and patient care, along with business skills such as management, finance, marketing, and strategic planning.

Graduates of the PharmD/MBA dual-degree program are in high demand for rewarding jobs such as²:

• Pharmaceutical Product Manager: In this role, you would be responsible for overseeing the development, marketing, and sales of pharmaceutical products. You would use your pharmaceutical expertise to understand the product’s clinical benefits while applying your business skills to drive its success in the market.
• Pharmaceutical Marketing Manager: As a marketing manager, you would develop and implement marketing strategies for pharmaceutical products. You would analyze market trends, conduct market research, and create marketing campaigns that effectively communicate the value of the products to healthcare professionals and consumers.
• Pharmaceutical Supply Chain Manager: In this role, you would oversee the distribution and supply of pharmaceutical products. Your knowledge of pharmaceuticals combined with your business skills can help optimize supply chain processes and ensure timely product availability.
• The department head in pharmaceutical manufacturing corporations: In the pharmaceutical industry, there are various roles that require a deep understanding of both the science of pharmacy and the business aspects of the industry. These roles might include pharmaceutical marketing, regulatory affairs, pharmaceutical project management, and business development. An MBA can help pharmacists stand out and excel in these positions.
• Administrator in research and managed care departments
• Pharmaceutical Market Research Analyst: Market research analysts gather and analyze data to provide insights into market trends, consumer preferences, and competitive landscapes. Pharmacists with an MBA can offer a unique perspective by understanding both the medical and business aspects of the industry.
• Medical Affairs Manager: Medical affairs managers work closely with healthcare professionals to provide scientific and medical information about pharmaceutical products. Your pharmaceutical expertise and business acumen can help bridge the gap between the scientific and commercial aspects of the industry.
• Consulting Firm: Consulting firms often seek professionals who can provide insights into the healthcare and pharmaceutical sectors. Pharmacists with an MBA can offer valuable expertise in areas such as pharmaceutical distribution, healthcare policy, and pharmaceutical technology.
• Hospital or Healthcare Administrator: With an MBA, pharmacists can take on administrative roles within hospitals, healthcare systems, and clinics. You might oversee operations, manage budgets, and work to improve the efficiency and effectiveness of healthcare services.
• Pharmaceutical Project Manager: Pharmaceutical project managers oversee the development and implementation of various projects within the pharmaceutical industry. This could involve managing clinical trials, drug development processes, or regulatory compliance initiatives.

Chance of making more money

And last but not least, a dual-degrees can increase earning potential. On average, a pharmacist’s salary can be anywhere between 90k to 120k. According to Daly C. J. , the mid-range median and mean salaries for entry-level pharmacy/MBA professionals after adjustment for inflation to be $143,186 and $144,327, respectively.

Interestingly, as dual degree pharmacists continued in their careers, salary increases to where over 40% of the sample population in the same study done by Daly C. J. was making at least $200,000. Furthermore, salary usually increases with time, years of experience, and performance. In my own experience, my gross annual income has increased by 63% since I first started as a retail pharmacist in 2014. Once I obtain my MBA, I hope to increase my salary to be over 200k a year.

Did I get a pay increase after the completion of my MBA?

My salary hasn’t changed since I received my MBA in 2021. My wife kept telling me I should ask for a raise now versus five years down the road. At first, I was very naive. I was taught by the older generation that you should never ask for an increase but keep on showing how valuable you are as an employee. Two years down the road, nothing has happened.

I decided to change that so I wrote a three pages letter written to my boss asking for a salary adjustment due to the inflation, and increased cost of living. It is three pages long because I listed all of my accomplishments over three years. I still haven’t gotten a response yet.

If I see a lot of comments asking to see the letter, I will share them on my blog.

P.S. As I am writing this blog, protests, and demonstrations against police brutality have erupted all over the country. Being a minority, I have experienced racism towards people I love and me. As a leader in my field, I make sure that I treat everyone with kindness, dignity, and respect that they deserve regardless of their skin color. I wholeheartedly support the movement and wish everyone to be safe.

Hope you enjoy this blog. Any question please comment below, and I will answer them all. Please don’t forget to subscribe.

References

1. Dual-Degrees [table 4]. American Association of Colleges of Pharmacy website. aacp.org/resources/student/pharmacyforyou/admissions/admissionrequirements/Documents/Table%204.pdf. Accessed June 1, 2020.
2. University of Southern California. (n.d.). Retrieved from https://pharmacyschool.usc.edu/programs/pharmd/mba/
3. Daly, C. J., Tierney, S.-E. L., O’Brien, E., Fiebelkorn, K. D., & Jacobs, D. M. (2017, May). Career Progression of the Pharmacy/MBA Professional: Characterization and Perceptions of the Combined Degree. Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5468710/
4. Shelley, Christianson, E., Christianson, E., Seabright, M., Abraham, T., KIMANI, L., … Nomamiukor, J. (2017, May 10). 5 Reasons Pharmacists Should Get an MBA. Retrieved from https://www.meded101.com/5-reasons-pharmacists-get-mba/