Availability and Perceived Value of Masters of Business Administration Degree Programs in Pharmaceutical Marketing and Management

By Alkhateeb, Fadi M.; Clauson, Kevin A. et al. | American Journal of Pharmaceutical Education, April 2012 | Go to article overview

Availability and Perceived Value of Masters of Business Administration Degree Programs in Pharmaceutical Marketing and Management


Alkhateeb, Fadi M., Clauson, Kevin A., Latif, David A., American Journal of Pharmaceutical Education


INTRODUCTION

The pharmacist supply-and-demand equation is changing in the United States. (1) Whereas pharmacy manpower studies of the early 2000s projected a significant shortfall of pharmacists during the coming decades, the reality is that supply has grown much faster than anticipated. (2) Because of economic conditions stemming from the recession of 2008, many pharmacists are delaying retirement and continuing to work. (3) In addition, the pace of new chain drug store development has been slower than anticipated. (4) The major reason for the significant increase in the supply of pharmacists, however, is the increase in the number of US pharmacy colleges and schools from 75 in 1995 to 124 today (115 fully accredited or in candidate status and 9 in pre-candidate status). (2) Exacerbating this is the increase in enrollments by many existing state colleges and schools of pharmacy during the past several years. This changing professional landscape for pharmacists may result in a concomitant increase in pursuit of additional education opportunities by doctor of pharmacy (PharmD) graduates, such as residencies, fellowships, and additional degrees, to distinguish themselves in an increasingly competitive environment. (5)

One degree that many pharmacists are choosing to pursue is an MBA, either as part of a dual PharmD/MBA degree program or as a standalone degree program completed after graduation. (6) Some student pharmacists pursue the joint PharmD/MBA degree because they can typically complete the MBA concurrently (or shortly after receiving their PharmD degree) and do so at significant cost savings. (7) The increase in advanced management training, coupled with the PharmD or BS in pharmacy degree, affords graduates additional opportunities in middle and upper management that might not be possible without the MBA. (8) There are also degree programs that allow enough flexibility for practicing pharmacists to obtain an MBA degree, ranging from regular full-time programs to part-time ("executive") programs and online programs. (9) An MBA degree offers pharmacists the skills needed to excel in the business, management, and/or marketing aspects of pharmacy, and provides these pharmacists with an advantage over others when seeking employment in these areas.

According to the American Association of Colleges of Pharmacy, approximately a third (n = 47) of US colleges and schools of pharmacy offer a PharmD/MBA dual degree. (10) The one study that exists pertaining to pharmacy and MBAs revealed that graduates with an MBA in addition to their PharmD degree are presented with more career opportunities and earn significantly more money than those pharmacists without an MBA degree ($111,090 vs. $101,965, respectively). (11) However, the study focused on students who received their MBA at the same time as their PharD degree, which implied that the salaries being compared were first-year salaries. Pharmacists who complete an MBA will likely continue to earn higher incomes in later years as well. (12) These studies provide limited information as they did not compare salaries and years of experience after being awarded the MBA degree. Doing so would provide metrics with which to compare and assess the value of the MBA degree. Students also reported that, in many cases, when interviewing for employment, the MBA degree attracted the interest of their interviewers and seemed to help them obtain the employment they were seeking. (11) In other situations, an MBA is a minimal prerequisite for specific career tracks in pharmacy (eg, industrial, corporate, and executive positions).

In the past decade, specialized MBA programs offering a concentration in pharmacy/pharmaceutical industry or healthcare have increased. (13) The specialized MBA in pharmaceutical marketing and management programs focuses exclusively on the pharmaceutical industry. These MBA programs offer the same analytical and financial skills as a general/traditional MBA program, but also promise the knowledge and skills needed to understand the economic, financial, organizational, and political structure that is unique to the pharmaceutical industry. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Availability and Perceived Value of Masters of Business Administration Degree Programs in Pharmaceutical Marketing and Management
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.