Pharm/JD vs. Pharm/MBA...which one leads to greater $$$

The guy that teaches our law class is a Rph/JD. He also teaches classes that review for the law exam. He represents clients that go before the board in many states (in fact, just about everyone here uses him as their attorney). The guy's damn smart, and I bet he pulls in at least a cool 500k-1 million++ per year.

Another option for PharmD/JD's is representing big pharma companies. (Big $$$$)

(There's probably more money in PharmD/JD than PharmD/MBA IMO)

It's not the letters after your name, it's the skills and abilities you have that let you move beyond a certain level.

IndustryPharmD said:

It's not the letters after your name, it's the skills and abilities you have that let you move beyond a certain level.

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or the people you know...

MBA gives you the CHANCE to get in with a corporation and the CHANCE to rise the ranks of the company.

A JD gives you a license to steal and to charge $500/hour if you know what you're doing. Drug companies make stupid money and they can afford to pay those types of fees.

But, if you really want to make money, I suggest watching the powerball and pushing all ya' got when it gets above 100 million. When you hit, we'll take a trip to the beach.

acetyl said:

MBA gives you the CHANCE to get in with a corporation and the CHANCE to rise the ranks of the company.

A JD gives you a license to steal and to charge $500/hour if you know what you're doing. Drug companies make stupid money and they can afford to pay those types of fees.

But, if you really want to make money, I suggest watching the powerball and pushing all ya' got when it gets above 100 million. When you hit, we'll take a trip to the beach.

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Some of the people on SDN aren't even lucky enough to get into a professional school, so the chances of them winning the $100 million jackpot seems unattainable. Maybe some of the lucky ones out there should try the gambling for us all .

PharmDstudent said:

or the people you know...

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Contrary to the popular opinion, this is also mostly up to you. Networking is a skill, like any other. The starting position may differ a bit, but how high you will reach is always up to you and only you.

I'm interested in this topic as well. What can PharmD/JD's and PharmD/MBA's do besides the obvious (pharmacy lawyer, management)?

fungikid said:

I'm interested in this topic as well. What can PharmD/JD's and PharmD/MBA's do besides the obvious (pharmacy lawyer, management)?

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They can also work at mcdonalds for minimum wage. =]

PharmDstudent said:

Some of the people on SDN aren't even lucky enough to get into a professional school, so the chances of them winning the $100 million jackpot seems unattainable. Maybe some of the lucky ones out there should try the gambling for us all .

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While I agree we should have somebody on SDN win the lottery, I disagree with ya' in the sense that getting into professional school is about luck.
I think it's much more about diligence and hard work, which also by the way OP, is a good way to make more money.

pharmlaw888 said:

Hey,

I was wondering whether getting a law degree or MBA after pharmacy school will lead to greater money. I would be set on pharmacy patent law, but I'm worried about paying off undergrad, pharm, and law school debt altogether. Also, the fact that you HAVE to go to an amazing school on top of that, which will lead to more expenses isn't very appealing either.

So I was wondering how well pharmacist consultants do (I think they need an MBA right?) or other pharmacy workers than are using their MBA degree do? If I'm going to spend time getting an MBA, I want to make sure that by doing so I will actually be making more money than my single degree counterparts. My ideal job if I get an MBA would be to do the technical work (i.e. still recommending drugs, etc.), but being involved also with the business aspects of pharmacy. Owning a chain also sounds appealing, but I'm afraid of entrepenureship because new businesses generally fail.

But anyways, I'm essentially looking for a bit of info about both degrees' salary potentials, and especially on the MBA side since I know even less about that.

And just a disclaimer: I'm not doing a dual degree solely for the money, because I know I'm going to get slammed for this. I like clinical pharmacy (the others seem a bit boring to me), but I want another degree just so that I can specialize if necessary (i.e. with MBA moving up in management, etc.)

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Hey,

There is nothing wrong with motivation that stems from money. You won't make that much more money as a PharmD/MBA consultant. Little more. I'm a consultant and I work with many consultants; some with MBA and some not. But MBA itself is not a precursor to a larger salary. It may allow you to get a particular position with a slightly larger salary than your typical single degree counterpart.

If you're a PharmD/JD working as a pharmacist, I doubt your salary will be that much higher. But if you're working as an attorney, then you could make much less than a pharmacist or make a lot more. Depends on what you do.

And having a PharmD/JD combo will help you become a pharmacy patent lawyer but not a guaranty. You can become a patent lawyer without having a PharmD. But if higher income is the motivation, you can save time and money by skipping pharmacy school and go directly to a top tier law school.

Then graduate top of the class....you'll be recruited to a healthy law firm...soon make partner. Your income potential will be beyond most pharmacist you know.

Do you need to have both PharmD and MBA to be in management though? And what about PharmD/JD/MBA's (Pharmacy School, then joint JD/MBA program)? What careers can that combination unlock?

fungikid said:

Do you need to have both PharmD and MBA to be in management though? And what about PharmD/JD/MBA's (Pharmacy School, then joint JD/MBA program)? What careers can that combination unlock?

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Legal Counsel for a pharmaceutical corp. Better forget about the University of Phoenix route.

pharmlaw888 said:

But anyways, what more can you do with an MBA besides consulting. Consulting still seems very interesting to me, but as a consultant, can you still be a normal clinical pharmacist, but just also work on those complex cases you get called in for on the side? And how much do those up in management make anyways?

thanks!

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Pharmacy administration can make up to $200,000+

Why would anyone need consulting for complex cases when every hospital has their clinical pharmacists or physicians who can handle it.

Consultants bring in expertise of different pharmacy programs to hospitals in need. And if you think PharmD/MBA will be a shoe in to become a consultant, then you're far off.

It's posessing the knowledge and experience in pharmacy operations and clinical pharmacy management school doesn't teach you that will land you a consulting gig. How about minimum 5 years to 10 years of pharmacy operations and managment experience before you get into a consulting gig?

The youngest consultants I've worked with are mid 30's who have residency and enormous amount of experience in healthcare setting and/or academia.

The bottom line, the papers on the wall called the diploma and license will allow you to practice at a minimum competency. The field you're seeking to get in require complex training and experience. You'll need extensive work experience and competency before someone will pay you a lot of money for your consultation...as an MBA or JD or a PharmD.

Get in to Pharmacy school first if you're prepharm. Then research and get an internship for exposure. Keep your grades up then do a residency and a fellowship in pharmacy administration. Then get your MBA/JD while you're working. Perhaps by then you'll have a better picture of what you want to do.

Can you tell me what clinical pharmacy means?

No, I'm just curious. I'm not thinking of getting every degree. lol I'm just wondering because I was thinking of pursuing an MBA after my BScPhm (I'm in Canada). Since my sister is pursuing her JD degree, I'm just curious what kind of work one could do if you have all of the three degrees.