Combining an MBA and Pharmacy Degree

Category: Pharmacy by Lisa Binsin, PharmD - September 21, 2013 | Views: 3559 | Likes: 0 | Comment: 3

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MBA and Pharmacy Degree

Pharmacy school is challenging because the program is rigorous and time consuming. Many students may feel they have no time to do anything else other than study and attend classes. However, from my own experience, it is possible to find time for obtaining a Masters in Business Administration (MBA). Having an MBA can lay the foundation for combining business management with pharmacy practice. It can broaden your skill set and your viewpoint when working in the pharmacy. How is it possible to attend pharmacy school and concurrently complete an MBA program? An online MBA program is one solution for completing both degrees. 

There are many MBA programs to choose from. However, the healthcare management program is especially useful for pharmacists. Healthcare management is one of the MBA programs offered by Davenport University where I am obtaining my MBA. Many universities have online programs for students who have constraints in attending classroom lectures. Online programs are a convenient way to earn an MBA degree while in pharmacy school.

What is healthcare management or healthcare administration?

An MBA in health care management focuses on many aspects of business, especially those related to health care. Some of the major subjects covered in healthcare management include strategic, financial, and ethical decision-making skills in the health care environment. The program prepares students for management of diverse health care processes that are necessary for corporate growth and development. 

Which courses are offered in the health care management MBA?

  • Examples of Core Courses include:
  • Managerial Accounting
  • Business Analysis
  • Financial Management
  • Organizational Development and Culture
  • Marketing Strategies

Other courses offered include: 

  • Health Care Organization
  • Ethical and Legal Perspective in Health Care
  • Medical Practice Management
  • Financial Management for Health Care
  • Strategic Management in Health Care
  • Information Management in Health Care
  • Managing Human Resources or Certified Manager Prep or Managing Projects
  • Strategic Management and Planning or Global Business Strategies

Which accredited schools offer online programs?

There are many universities that offer online master’s program. Here are some accredited schools that offer online programs:

Davenport University (Grand Rapids, Michigan)

University of Phoenix (Phoenix, Arizona)

Kaplan University (Davenport, Iowa)

These schools offer a variety of MBA programs that vary depending on the school. Davenport University’s online MBA programs include the following emphasis:

  • Accounting Concentration
  • Finance Concentration
  • Health Care Management Concentration
  • Human Resource Management Concentration
  • Executive MBA
  • Strategic Management Concentration
  • Marketing Concentration

How long does it take to complete an MBA?

Most of the online Master’s program through Davenport University will take approximately 2 years to complete. This is dependent on whether you follow their schedule and take classes every semester. However, there is an option to drop a class if you feel overwhelmed or have other time constraints.

How much does an MBA program cost?

Davenport University: $22,659

Phoenix University: $11, 856-28,065

These are estimated tuition costs. The cost may vary depending on changes in tuition fees and other costs for completing the program.

Do pharmacists need an MBA?

Like many other skill sets, having an MBA may not be a requirement in the practice of pharmacy but it can surely help. Every pharmacy setting is a type of business. Patient care is the focus of pharmacy practice. To continue practicing, a pharmacy or healthcare setting must make a profit. An MBA in health care management can enhance the management skills of the pharmacist and help them deal with the business operations of a pharmacy. Having an MBA can open management position opportunities for the pharmacist. An MBA with an emphasis in health care management can help pharmacy managers in their interactions with fellow employees and other health care personnel.

Here are examples of pharmacy jobs that may require an MBA?

Pharmacy district manager

Pharmacy Manager

Pharmacy Supervisor

Director of hospital pharmacy operations

Departmental director in state and federal health care agencies

Pharmaceutical industry jobs

Managed care

Leadership position in pharmaceutical distribution organizations

Combining an MBA with a pharmacy degree can increase job opportunities. If you are interested in management, obtaining an MBA may increase your chance of success.

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