Pursuing a Doctor of Pharmacy and Master of Business Administration (PharmD and MBA) is a distinct educational pathway for those who want to stand out in the ever-evolving field of healthcare. As the industry undergoes rapid transformation, pharmacists with clinical expertise and business acumen can lead effectively through organizational change.
PharmD and MBA dual degree programs are rigorous yet rewarding. Graduates are prepared with robust knowledge and skills spanning patient care, organizational leadership, and business strategy, all of which prepare graduates for a versatile and impactful career. Whether you aspire to drive excellence in a clinical setting or a pharmaceutical enterprise, earning a dual PharmD and MBA can unlock your full potential.
Why Pursue a PharmD and MBA?
Earning the PharmD/MBA dual degree can enhance your leadership effectiveness, opening doors to roles where you can expand your influence in healthcare. PharmD and MBA programs have practical benefits, too. By pursuing two degrees simultaneously, you can save time and money.
Time and Cost Savings
Pursuing your PharmD and MBA together can lead to time and cost savings. Dual degree programs are typically faster to complete than individual degree programs, lowering tuition costs.
Career Opportunities
Career opportunities are plentiful for graduates of PharmD and MBA programs. These dual degrees are highly valued across healthcare because of their combined training in medication therapy, patient care, and business. PharmD MBA jobs extend beyond traditional pharmacist roles, and an MBA PharmD salary is consistently higher than that of PharmD graduates. Graduates of dual PharmD and MBA programs often, too, have more research opportunities than graduates of either individual program of study.
Business and Leadership Skills
The ever-evolving nature of modern healthcare means that PharmD graduates must navigate and lead through change. The MBA complements the PharmD by equipping candidates with the skills necessary for effective leadership in business.
What Useful Skills Can a Pharmacist Learn from an MBA?
The healthcare industry needs leaders who can drive greater organizational efficiency and effectiveness amid technological advancements, public health crises, and other challenges. Aspiring pharmacists who also pursue an MBA develop the skills to accomplish precisely that. The MBA provides training and experiences that help develop influential, strategic, and ethical leaders.
Students pursuing a PharmD/MBA dual degree are expected to graduate as professionals prepared to become leaders in healthcare and business, ready to manage pharmaceutical operations, drive innovations, and navigate the complexities of the industry with strong clinical and business skills.
Following are some of the valuable business and leadership skills that aspiring pharmacists learn through a PharmD and MBA program such as the dual-degree program offered online by the University of Findlay.
Organizational Leadership
Pharmacists with an MBA are prepared with skills to lead their organization or team toward achieving its goals. They understand how to align stakeholders around vision and objectives, create a positive organizational culture, and drive transformation.
Ethical Leadership
Pursuing an MBA helps pharmacists navigate ethical dilemmas. Candidates explore today’s business issues and the laws regulating them, combining analysis and critical reasoning to make ethical decisions. PharmD and MBA graduates can use these skills to effectively monitor and ensure patient safety, confidentiality and exercise professional integrity.
Strategy and Implementation
Sound strategy creates sustainable organizational growth. PharmD and MBA programs equip aspiring pharmacists with the skills to formulate, plan, and implement strategy in a dynamic marketplace. They learn techniques from various functional business areas to develop integrative plans of action that balance organizational opportunities and risks.
Financial Management
Financial management drives strategic decision-making. Candidates in PharmD and MBA programs learn to evaluate an organization’s current and future business operations and financial conditions. They study financial accounting and reporting systems to develop budgets and perform financial forecasts, to develop budgets to fund projects that help grow profitability.
Operations Management and Systems Analysis
Operations management and systems analysis are critical areas of business. Together, they optimize the functioning of organizational processes and systems. PharmD and MBA programs equip pharmacists with competencies in these areas to maximize efficiency, productivity, and quality.
Information and Technology Management
Information and technology management ensures organizational operations are streamlined, secure, and aligned with overall goals. That is why dual PharmD and MBA programs cover data management and governance, information security, business intelligence, and other topics about leveraging technology for organizational success.
What Are the Career Opportunities for a Pharmacist with an MBA?
As online and mail-order prescriptions gain popularity, the U.S. Bureau of Labor Statistics (BLS) expects less demand for pharmacist jobs in community settings between 2022 and 2033, with increased demand in healthcare settings. The median pharmacist salary is $136,030 with a projected employment growth of 5%, which is average for all occupations.
PharmD and MBA dual program graduates are prepared to meet the demand for diverse roles across healthcare, including healthcare administration and healthcare leadership, as well as the pharmaceutical industry. Some roles in these fields have higher demand and earning potential than traditional pharmacist jobs.
Healthcare Administration Careers
Healthcare administrators plan, direct, and coordinate the services of an entire facility, a clinical area, or a department. Pharmacists with an MBA are prepared for various roles within healthcare administration, including:
- Pharmacy Director: Oversees a single pharmacy, including managing staff, ensuring compliance, and improving efficiency and service.
- Clinical Services Director: Manages the clinical services of a healthcare organization, including pharmacy services, guaranteeing they meet quality standards and support overall patient care goals.
The demand for healthcare administrators is high. The BLS projects that employment for healthcare administrators will grow by 29% between 2022 and 2033, nine times faster than the average growth rate for all jobs. Healthcare administrators also have high earning potential, with the top 10% earning almost $50,000 more than the top 10% of pharmacists.
Healthcare Leadership Careers
Healthcare leaders are top business executives who develop strategies and policies to achieve organizational goals. They coordinate and direct the work activities of an entire organization or a specific functional area. The healthcare leadership roles for pharmacists with an MBA include:
- Chief Pharmacy Officer: Leads pharmacy services across a healthcare organization, ensuring alignment with organizational goals.
- Pharmacy Owner: Owns and operates a pharmacy business which encompasses various responsibilities from managing day-to-day operations to strategic planning.
The BLS expects the employment of top executives to grow 6% from 2023-2033, faster than average. Median annual wages vary depending on the organization – chief executives can earn a median annual wage of $239,200.
Pharmaceutical Industry Careers
Pharmacists with an MBA also work in the pharmaceutical industry, managing pharmaceutical product research and development, sales, and marketing. The job opportunities are diverse and include strategic, managerial, and operational activities:
- Product Manager: Manages the lifecycle of a pharmaceutical product to ensure it meets market needs and regulatory requirements.
- Sales Manager: Supervises a team of pharmaceutical sales representatives, addressing sales strategy, team management, and business development.
- Marketing Manager: Develops and implements marketing strategies for pharmaceutical products, including market research, branding, and advertising.
According to BLS, these jobs have solid employment and earning potential across industries. Employment growth is projected to be slightly higher than the average for all jobs, with median salary ranges from approximately $130,000 for sales and marketing managers to $158,000 for product managers.
What Are the Time and Cost Savings of Dual PharmD and MBA Programs?
If you are an aspiring pharmacist who wants to pursue an MBA, doing so while pursuing a PharmD degree can save you time and money.
PharmD and MBA programs are typically faster to complete together than individually. Finishing each degree program on its own takes approximately six years—four years for the PharmD and two years for the MBA. A dual program generally takes five years.
Depending on the program, you can take PharmD and MBA courses concurrently or sequentially. For example, here is the typical timeline for students pursuing a dual Distance PharmD and MBA degree at the University of Findlay:
- Complete MBA prerequisites during the first three years of pharmacy school
- Begin MBA classes after completing requirements for the third year of pharmacy school
- Continue taking MBA classes during the fourth and fifth years of pharmacy school
PharmD and MBA programs reduce the total number of credits required to earn both degrees by overlapping coursework and eliminating redundant courses. As a result, tuition tends to be lower than pursuing the degrees separately.
At Findlay, there is no additional tuition for Distance PharmD students who take MBA courses within their 18-semester hour comprehensive fee.
If time and cost savings are important to you, you may want to consider a dual PharmD and MBA program.
Take the Flexible Pathway to Your PharmD and MBA Degrees with the University of Findlay
Findlay’s dual-degree Distance PharmD and MBA program prepares you for licensure as an accomplished pharmacist and to become a service-oriented leader and strategic thinker. Graduates have the clinical expertise and business acumen to improve patients’ quality of life in diverse leadership roles across healthcare. Visit our website to learn more about UF’s Distance PharmD/MBA dual-degree program or UF’s on-campus PharmD/MBA dual-degree program.
UF also offers a Distance PharmD program that provides a rare opportunity to achieve your Doctor of Pharmacy degree online from a reputable and accredited university. The Distance PharmD program blends the convenience of 100% online didactic coursework with valuable on-campus immersions and experiential learning in your community.
To learn more this innovatively designed pathway to a degree in pharmacy, visit Findlay’s Distance PharmD program. Or find out more about Findlay's on-campus PharmD options.
Findlay cultivates the potential within each student through academic excellence, transformative experiences, and a supportive community grounded in faith.