"A Master's and/or Ph.D. degree in pharmacology is good preparation for career opportunities involving research, teaching and administration. Academic positions are found in schools of medicine, pharmacy, dentistry and veterinary medicine. Also, since pharmacology spans many disciplines, academic positions can be found in departments of biology, cell biology, chemistry, biochemistry, pathology, immunology, microbiology and molecular biology. Career opportunities also abound in the pharmaceutical, chemical and biotechnology industries as well as in numerous private and government research institutes."
That is the description for the pharmacology masters program. So I'm guessing you can do R&D and be part of the research project team but of course you would need to have a PhD to be the head of the Research project. I think the type of masters you do will be pertinent in landing a job quicker.