What can an APPE student do now to break into industry?

[phrmthrong17]

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As stated I'm an APPE student who just recently wanted to explore potential work in industry but has no industry rotations and no research experience as of yet. What are some things I can do now to be more attractive to obtain a potential entry level and eventually a MSL position at a pharma company? Alternatively what are some things I can do to help my chances to obtain an industry fellowship? I can try my best to obtain a research rotation instead of take an offblock if you guys think that would help. Other than that are there any online organizations, certifications, etc that would help me?

 

[MindGeek]

First of all take your off block off. You're going to need it, and it's the only break you're going to have before months of looking for employment. Heck if you're a good student celebrate your graduation early on your off-block. Once the grace starts for your loans in this abominable job market you're not going to feel like celebrating at all.

An external research rotation is not going to help you for MSL unless it's in HEOR, but it may get you some contacts at one pharmaceutical company.

Try to do a managed care rotation. Pharmaceutical companies have constant communication with insurers since insurers actually pay for the drugs. My current employer, a consulting firm to the pharmaceutical industry, loved that I had experience in managed care, and also sat in on presentations from pharma personnel. A rotation at a PBM would be helpful too, since smaller insurers will have their PBM do contracting for them.

A publication on a regulatory issue or healthcare reform would help but so much is going to change right away.

An MBA would help. I wouldn't be a full-time management consultant without mine, but I don't want to turn this into another 'MBAs are useless without experience' thread rabble rabble rabble.

 

[PAtoPharm]

First of all take your off block off. You're going to need it, and it's the only break you're going to have before months of looking for employment. Heck if you're a good student celebrate your graduation early on your off-block. Once the grace starts for your loans in this abominable job market you're not going to feel like celebrating at all.

An external research rotation is not going to help you for MSL unless it's in HEOR, but it may get you some contacts at one pharmaceutical company.

Try to do a managed care rotation. Pharmaceutical companies have constant communication with insurers since insurers actually pay for the drugs. My current employer, a consulting firm to the pharmaceutical industry, loved that I had experience in managed care, and also sat in on presentations from pharma personnel. A rotation at a PBM would be helpful too, since smaller insurers will have their PBM do contracting for them.

A publication on a regulatory issue or healthcare reform would help but so much is going to change right away.

An MBA would help. I wouldn't be a full-time management consultant without mine, but I don't want to turn this into another 'MBAs are useless without experience' thread rabble rabble rabble.

Do you think it's worth getting an MBA from the same university we're attending pharmacy school at if our school isn't a top 10 program?

 

[MindGeek]

Do you think it's worth getting an MBA from the same university we're attending pharmacy school at if our school isn't a top 10 program?

I think it is better to do a combined Pharm.D./MBA at your university, as long as the MBA component at your business school is AACSB accredited.

Just remember, AACSB member is not the same thing as AACSB accredited.

As I said in this thread, adding an AACSB accredited live-in-person MBA to my Pharm.D. only cost me 32k with 7 months of opportunity cost of being out of the job market (19,215 in tuition and 12,530 in loan refunds to live on).

Keep in mind I was taking an MBA class or two each semester after my third semester of pharmacy school, so that I would only have 12 credits to do after I walked for my Pharm.D.

Can you get a 12-month full-time MBA from a top 10 program for only 32k?

 

[lord999]

I think it is better to do a combined Pharm.D./MBA at your university, as long as the MBA component at your business school is AACSB accredited.

Just remember, AACSB member is not the same thing as AACSB accredited.

As I said in this thread, adding an AACSB accredited live-in-person MBA to my Pharm.D. only cost me 32k with 7 months of opportunity cost of being out of the job market (19,215 in tuition and 12,530 in loan refunds to live on).

Keep in mind I was taking an MBA class or two each semester after my third semester of pharmacy school, so that I would only have 12 credits to do after I walked for my Pharm.D.

Can you get a 12-month full-time MBA from a top 10 program for only 32k?

I'm generally against an MBA without prior work and management experience irrespective of the cost, and I know that my PhRMA colleagues have the same attitude. Most industry staff get sponsored for theirs as part of the promotion pathway within the company. Then again, it depends if you are going into direct industry (unstable long-term, stable short-term) or management consulting where the latter has a very competitive up or out mentality which requires the MBA or MS Finance as an immediate matter. Management consulting is more lenient about the matter, but tend to be absolutely brutal around year-end promotion time.

 

[PAtoPharm]

I'm generally against an MBA without prior work and management experience irrespective of the cost, and I know that my PhRMA colleagues have the same attitude. Most industry staff get sponsored for theirs as part of the promotion pathway within the company. Then again, it depends if you are going into direct industry (unstable long-term, stable short-term) or management consulting where the latter has a very competitive up or out mentality which requires the MBA or MS Finance as an immediate matter. Management consulting is more lenient about the matter, but tend to be absolutely brutal around year-end promotion time.

Just curious.... for someone like myself who doesn't have a specific "must-pursue" area of pharmacy they're gunning for (e.g., clinical pharmacy is what many/most pharmacy students are gunning for), do you think it could be a good idea to get an MBA degree for the heck of it? In other words, is a PharmD/MBA graduate going to be inherently more competitive in the job market just by virtue of having earned both degrees? I know you said in your post that you think it's better for someone to have work/management experience prior to pursuing their MBA, but is there any advantage to having both degrees as a new entrant to the job market?

 

[PAtoPharm]

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[PAtoPharm]

I think it is better to do a combined Pharm.D./MBA at your university, as long as the MBA component at your business school is AACSB accredited.

Just remember, AACSB member is not the same thing as AACSB accredited.

As I said in this thread, adding an AACSB accredited live-in-person MBA to my Pharm.D. only cost me 32k with 7 months of opportunity cost of being out of the job market (19,215 in tuition and 12,530 in loan refunds to live on).

Keep in mind I was taking an MBA class or two each semester after my third semester of pharmacy school, so that I would only have 12 credits to do after I walked for my Pharm.D.

Can you get a 12-month full-time MBA from a top 10 program for only 32k?

My program isn't even a top 10 program, and tuition costs over $35k for it. Did having the MBA qualify you for any additional job opportunities you wouldn't have qualified for otherwise if you hadn't had the MBA?

 

[MindGeek]

My program isn't even a top 10 program, and tuition costs over $35k for it. Did having the MBA qualify you for any additional job opportunities you wouldn't have qualified for otherwise if you hadn't had the MBA?

Having my MBA got me a job I wouldn't have otherwise qualified for since it requires an MBA but not a Pharm.D.

 

[IndyPrePharm]

Shadow shadow shadow...try to talk to professors at your school or rphs at rotation sites/work to see who may know of someone in industry that they can get you their number...even classmates' parents or relatives, I have found, have been in industry positions...if you make a connection, shadow regularly and try to make other connections with rphs for future contacts there as well. Make a good impression and cross fingers it leads to something. If they aren't hiring when you graduate, keep in contact w your connections and let them know you're still interested if something opens up at least once every year. If you've made a good impression, your unfailing pestering for a job there will keep you at the forefront of their mind when they hear of a posting. Also, when pharmaceutical reps show up at your rotation sites/work, they can be a great gateway to a rph connection in the same company. When you're hungry enough for a certain job and you show it, people will notice and eventually things will teeter in your favor. Stay persistent, keep the head up, and it'll come to fruition.