Hello, I just have a quick question whether or not I should have a dual degree if I want to have my own pharmaceutical company or Biotechnology company??
Hello, I just have a quick question whether or not I should have a dual degree if I want to have my own pharmaceutical company or Biotechnology company??
Why not a PhD/MBA? it gives more of a science background geared towards research + business and it's paid for.
Did you mean MD/PhD?
And to the OP, usually the non-MBA (e.g. PhD, MD, MD/PhD) owners of pharmaceutical companies identified/own the rights to the drugs in their pipelines and started their company on that basis. In other words, doing an MD/PhD would be better for someone who'll create a new screening process (e.g. a computational approach, stem cell platform), find a receptor, develop a drug delivery nanodevice, etc. It is very, very unlikely that you'll accomplish the above during a PhD unless you cheat (e.g. by penciling yourself into a business development proposal in a lab that identified a drug target beforehand), and will take years and years in academia to get to the point of doing so and starting a spinout if you're lucky.
It would be a lot easier to enter the clinical side of a pharmaceutical company which, as an MD, you'll still have a relatively hard time doing. So, instead of an MD/PhD or MD/MBA, I'd consider an MSc before, during, or after medical school as a fellow that will prepare you to work in the pharmaceutical industry (ref. https://forums.studentdoctor.net/threads/physicians-in-the-pharmaceutical-industry.243278/) as an associate medical director or something similar for a few years https://www.indeed.com/q-Pharmaceutical-Physician-jobs.html. After, you could move over to a startup or newer biotech with stock options for joining, meet investor's milestones (e.g. the series A financing stories you hear for "80 million" mean passing phase I/II clinical trials), participate in a big M&A after reaching phase III, etc.
No I was referring to a PhD/ MBA. IMHO all that you mentioned is achievable with that degree, less expensive and time consuming.
I never said getting the degree or accepted into a program is easy. Unfortunately, some people view wanting an MBA in combination with another degree MD or PhD as immoral ( u are only in it for the money ). I applied to various schools for MD-MBA and most of my interviews were opposed to the idea. Knowing that some people are biased, I would certain info. In your case, I would have applied for a PhD first then amend my program and add on the MBA.Disagree. I applied to Penn this year for a PhD through NIH MD/PHD Partnership Training Program and mentioned wanting to do Wharton's MBA to the PDs/did a lot of research beforehand, applied to be a Research Fellow at Stanford's Graduate School of Business and similarly to the above toward a PhD, there, etc; I didn't end up doing either and lost interest due to what I mentioned in my prior post.
More specifically, it's difficult/impossible to intercalate an MBA into a PhD, and doing one afterward will require a lot of time which, as a PhD grad, you won't be making a lot of money during. MBAs also cost 2-3x as much as MSc's, the risk-reward of doing an MSc + medical school instead is more favorable, and PhDs can't do anything clinical anyways so that kind of negates working on clinical trials per my last post (unless you're in clinical pharmacology, but even then, you have to have patient contact to make the big money). It's also a PITA to get hired in the pharmaceutical industry without having prior experience, publications, etc.
EDIT: I started a thread on the new FDA commissioner/increase in # of clinical trials due to the Cures Act https://forums.studentdoctor.net/threads/opinion-on-new-fda-commissioner.1247385/, changes to FDA's regulatory policies, etc. It looks like now's a good time to be in the clinical trial business.
I never said getting the degree or accepted into a program is easy. Unfortunately, some people view wanting an MBA in combination with another degree MD or PhD as immoral ( u are only in it for the money ). I applied to various schools for MD-MBA and most of my interviews were opposed to the idea. Knowing that some people are biased, I would certain info. In your case, I would have applied for a PhD first then amend my program and add on the MBA.
Going back to the OP, I believe a PhD-MBA will save you more $$ then getting a MD-MBA. However u have to realize the limitations of each and choose the one that best suits you.