Pharmd/MBA

[killingbill]

I am a retail pharmacist with only retail experience. I am currently earning my MBA in
Pharmaceutical Management. I am looking to just get out of being behind the counter. What are my options? How do I get into pharma/ is it worth it? Go higher up in the retail chain? What's my best bet? Please don't refer me to older posts as all that info is outdated.

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[joetrisman]

I am a retail pharmacist with only retail experience. I am currently earning my MBA in
Pharmaceutical Management. I am looking to just get out of being behind the counter. What are my options? How do I get into pharma/ is it worth it? Go higher up in the retail chain? What's my best bet? Please don't refer me to older posts as all that info is outdated.

I recently sat in on a lecture by a managed care resident at an insurance company. She seemed to indicate there was a lot of opportunity for pharmacists with retail experience and a MBA in managed care. I'd definitely start trying to make some contacts in managed care and try to get out of retail.

 

[CNB]

I am a retail pharmacist with only retail experience. I am currently earning my MBA in
Pharmaceutical Management. I am looking to just get out of being behind the counter. What are my options? How do I get into pharma/ is it worth it? Go higher up in the retail chain? What's my best bet? Please don't refer me to older posts as all that info is outdated.

It really depends on your work experience and where you got your MBA. If you have the opportunity to go to a well-known MBA program, then go for it. The networking is worth it. Don't do it online. That's a dime in a dozen.

I know a few people who got an MBA. They are heavily in student loan debt and can't find a decent paying job. Unfortunately, they all got their MBA online at a no-name university.

 

[CNB]

The comments from MBA grads in this Wall Street Journal's article are troubling:

http://blogs.wsj.com/laidoff/2009/0...al-job-security/tab/comments/?sort_order=desc

 

[358265]

It really depends on your work experience and where you got your MBA. If you have the opportunity to go to a well-known MBA program, then go for it. The networking is worth it. Don't do it online. That's a dime in a dozen.

I know a few people who got an MBA. They are heavily in student loan debt and can't find a decent paying job. Unfortunately, they all got their MBA online at a no-name university.

A MBA is as good as the networks and the school's name. I think MBA isn't all about education but more so for meeting the right people that could "hook you up" later in life for success. As with any field, who you know is crucial. Successful MBAers will be the ones who are social and love to get together.

 

[BenJammin]

MBAs for PharmDs are only useful if you want to manage a hospital, independent, or a route similar to that. You are wasting your timed you think this will move you up the chain at a retail store. And for what? A title that comes with $5,000? Not worth it. Might as well flush money down the toilet.

 

[BenJammin]

The comments from MBA grads in this Wall Street Journal's article are troubling:

http://blogs.wsj.com/laidoff/2009/0...al-job-security/tab/comments/?sort_order=desc

There is a common theme throughout those comments: they entered the program with little to no experience. Honestly, if you don't have 5 years of work experience before applying to an MBA program then I can't take you seriously.

 

[UCSD2012]

I recently sat in on a lecture by a managed care resident at an insurance company. She seemed to indicate there was a lot of opportunity for pharmacists with retail experience and a MBA in managed care. I'd definitely start trying to make some contacts in managed care and try to get out of retail.

As far as quality of life goes, it's hard to beat a career in managed care.

M-F, regular hours, no one yelling at you...IMO it's a shame this path isn't encouraged more by pharmacy schools. The "glorious" clinical jobs don't provide THAT much better QOL than retail.

 

[CNB]

My cousin got an MBA with only a couple of years of work experience and has been unemployed for the last year. The sad part is that he borrowed more student loan than he actually needed b/c he was dating somebody. He's knee deep in student loan debt and he can't get rid of his student loan debt by declaring bankruptcy. He also has credit card debt. His situation is ironic for someone who has an MBA.

The bottom line is don't take on more school debt unless you have a clear understanding of the risk vs. benefit.

 

[Argentium]

There is a common theme throughout those comments: they entered the program with little to no experience. Honestly, if you don't have 5 years of work experience before applying to an MBA program then I can't take you seriously.

You wouldn't take half of harvard business school's grads seriously then since their average age of entry is around 26/27. It depends on industry - some industries require less work experience for bschool entry since they're more rigorous (investment banking + consulting)

 

[s2dat]

What about a joint program, PharmD/MBA in the same 4yr time frame? University of Maryland offers that and I am planning to take it. I already have some accounting background so I was hoping to utilize all my knowledge.

 

[BenJammin]

You wouldn't take half of harvard business school's grads seriously then since their average age of entry is around 26/27. It depends on industry - some industries require less work experience for bschool entry since they're more rigorous (investment banking + consulting)

Doesn't the average college student graduate with an undergrad degree at age 22? What are they doing for those 4-5 years?

 

[Argentium]

Doesn't the average college student graduate with an undergrad degree at age 22? What are they doing for those 4-5 years?

working?

 

[BenJammin]

working?

Exactly. MBA students with no experience are no more valuable than trade school grads. Sounds crazy but it's true. That's why a lot of schools are requiring work experience.

 

[358265]

As far as quality of life goes, it's hard to beat a career in managed care.

M-F, regular hours, no one yelling at you...IMO it's a shame this path isn't encouraged more by pharmacy schools. The "glorious" clinical jobs don't provide THAT much better QOL than retail.

Managed care & PBMs are also starting to see the sign of the times. A few pharmacists I knew got laid off from the biggest PBM in my state. Yes, the lifestyle and rarity makes the job one of the most sought-after, but it's also probably pretty hard to acquire a position nowadays.

 

[UCSD2012]

Managed care & PBMs are also starting to see the sign of the times. A few pharmacists I knew got laid off from the biggest PBM in my state. Yes, the lifestyle and rarity makes the job one of the most sought-after, but it's also probably pretty hard to acquire a position nowadays.

What careers are you interested in right now?

 

[MountainPharmD]

I am a retail pharmacist with only retail experience. I am currently earning my MBA in
Pharmaceutical Management. I am looking to just get out of being behind the counter. What are my options? How do I get into pharma/ is it worth it? Go higher up in the retail chain? What's my best bet? Please don't refer me to older posts as all that info is outdated.

You are currently earning an MBA and you have no idea what you are going to do with it? You didn't think about this before you started? Why in the world did you pick Pharmaceutical Management without a clear understanding and idea of exactly what you were going to do with it? Add another name to the list of people who wasted money on an MBA they had no clue about before they started. You get to go 40k or so in debt to work your same retail job and add MBA to your business cards. Great payoff.....40k to add three letters after your name.

 

[Theta16]

Somewhat off topic, but what about the administrative residencies that offer an M.B.A./M.S. (depends on the program) at the same time? Seems like a pretty good option if you're planning on pursuing hospital management.

 

[358265]

What careers are you interested in right now?

LTC or another closed-door pharmacy setting. Other than that, I prefer an administrative position that steers away from the traditional dispensing role. However, my personal background is in management & business, so to be able to utilize those aspects and incorporate it with clinical pharmacy knowledge would be awesome.

 

[UCSD2012]

LTC or another closed-door pharmacy setting. Other than that, I prefer an administrative position that steers away from the traditional dispensing role. However, my personal background is in management & business, so to be able to utilize those aspects and incorporate it with clinical pharmacy knowledge would be awesome.

Did the knowledge of the PBM pharmacists being laid off scare you away from a managed care career? It incorporates management/business with clinical pharmacy...

 

[Argentium]

Exactly. MBA students with no experience are no more valuable than trade school grads. Sounds crazy but it's true. That's why a lot of schools are requiring work experience.

There are almost no good schools that require work experience. 99% of those accepted do have work experience of course, but it isn't required. The top schools also have guaranteed admission programs from college

 

[xiphoid2010]

Bump.

Have been in the hospital management capacity for 3.5 years, I can feel my ambition starting to stir again. But few years of management experience and a PGY-1 just isn't competitive against other DOPs that average 15 years experience. So like a good Asian, I am looking into concrete credentials again, MBA or executive MBA. looking for local or online part time programs. at least couple of the other DOPs in my area has MBA after their names. One of them said the name of the school doesn't matter much, as any legit MBA degrees will earn the candidate an interview, then its really up to each individual to win the big cheeses over during it.

I would like to get more opinions on the matter. Thank you.

 

[BMBiology]

You and your wife are pretty ambitious. Right now, money is not the most important, not even second or third.

 

[Jibby321]

I too would like some more info on this.

 

[RX2090]

I am a retail pharmacist with only retail experience. I am currently earning my MBA in
Pharmaceutical Management. I am looking to just get out of being behind the counter. What are my options? How do I get into pharma/ is it worth it? Go higher up in the retail chain? What's my best bet? Please don't refer me to older posts as all that info is outdated.

You don't need an MBA to move up in retail. You can become a district manager with just your pharmD. Do not waste money on the tuition. Simply do what you have to do at your current job to move up. Take initiative.

 

[xiphoid2010]

You don't need han MBA to move up in retail. You can become a district manager with just your pharmD. Do not waste money on the tuition. Simply do what you have to do at your current job to move up. Take initiative.

That well might be true for retail pharmacy, but for hospital pharmacy it's much more competitive. I recently applied to a major hospital DOP position, but my inside sources tells me that there are 10+ applicants, many of them with insane amount of management experience.... I will still try my best, but I would be foolish not to prepared for the next round of showdown. I believe in meritocracy, but it doesn't mean I'm going to wait 10 years to earn my merits if there are other ways to earn it in 2-3.

 

[xiphoid2010]

You and your wife are pretty ambitious. Right now, money is not the most important, not even second or third.

Different people different strokes. Moving up isn't for everyone.

But yeah, my wife is even more ambitious than I. She's pushing herself to be at my level, which at the same time urges me towards my terminal career goal: DOP of a large hospital at least, maybe a corporate director.... or higher...

I think (pretty confidently) that I chose my wife well.

 

[BMBiology]

Different people different strokes. Moving up isn't for everyone.

But yeah, my wife is even more ambitious than I. She's pushing herself to be at my level, which at the same time urges me towards my terminal career goal: DOP of a large hospital at least, maybe a corporate director.... or higher...

I think (pretty confidently) that I chose my wife well.

I don't see it that way. It is not about "moving up". It is about putting so much time and effort into something that is not going to change your life. For me to put that much effort and time, I need to be making at least twice as much...not a measly 20 k.

 

[xiphoid2010]

I don't see it that way. It is not about "moving up". It is about putting so much time and effort into something that is not going to change your life. For me to put that much effort and time, I need to be making at least twice as much...not a measly 20 k.

Well, I know for a fact that the corporate pharmacy director is making $200k+. But that's not the main reason for moving up. To me it's about the meaning of life... what difference did I make. Right now, I can affect the lives of tens of thousands a year, but why not hundreds of thousands or millions?

Different people, different stroke. The eternal question is what is the meaning of life? Some think it's is to do well for him/herself, but that's not what I want.

 

[BMBiology]

^^ why not start a business? Do it the way you want it. Be the big boss

 

[xiphoid2010]

^^ why not start a business? Do it the way you want it. Be the big boss

That's my wife's plan. I'm more of a play by the rules kind of a guy, she's a more creative gal but do so at a considerably higher risk. I'll be the one seiging the castle walls while she would like to undermine it.