Pharmaceutical Administration Jobs: What Are My Options?
Pharmaceutical administration careers are available at several different levels. You could consider becoming a pharmacy director, pharmaceutical marketing manager or pharmacoeconomics researcher. Read on to read about these jobs and their requirements.
The pharmaceutical industry is expected to produce jobs over the next decade. As the medical needs of an aging population increase, professionals in this field will be in demand. An advanced pharmacy degree can create a good foundation for administrative and managerial roles in the profession.
Important Facts About Pharmaceutical Administration Jobs
|Pharmacists||Marketing Managers||Economists (Researchers)|
|Entry-Level Education||Doctoral or professional degree||Bachelor's degree||Master's or doctoral degree|
|Work Experience||None||Marketing managers typically have work experience in advertising, marketing, promotions, or sales||May be required by some employers|
|Similar Jobs||Biochemists, biophysicists, medical scientists, pharmacy technician||Public relations & fundraising managers, public relations specialists, editors, market research analysts||Actuaries, budget analysts, financial analysts, operations research analysts, survey researchers|
You may find employment as a director of pharmacy in any of a variety of health institutions, such as hospitals, nursing homes and clinics. In this profession, you are a departmental manager who establishes policies and objectives pertaining to the organization's pharmaceutical services. Part of your job may be to ensure that the pharmacy department stays in compliance with government regulations and quality standards. You oversee a staff of pharmacy professionals and collaborate between other departmental heads, suppliers and doctors to improve operations. Other duties may include maintaining budgets, evaluating revenue, planning departmental activities and managing human resources.
Pharmacy directors are grouped with pharmacists, so their education requirements are similar. You typically need to be a licensed pharmacist. Becoming a pharmacist requires the completion of a Doctor of Pharmacy degree, and there are two licensure exams you need to take. One of these is the North American Pharmacist Licensure Exam (NAPLEX), and the other will either be a test your state offers or the Multistate Pharmacy Jurisprudence Exam (MPJE). After becoming a licensed pharmacist, you may also earn a master's degree in business to gain the skills you need to manage a pharmacy.
Job Outlook and Salary
According to the U.S. Bureau of Labor Statistics (BLS), pharmacists can expect to experience job growth of 6% over the 2016-2026 decade (www.bls.gov). In May 2019, pharmacy directors earned a median wage of $143,173 according to PayScale.com. Most directors were paid between $117,000 - $176,000.
Pharmaceutical Marketing Manager
Graduates of pharmaceutical administration degree programs may also go on to become marketing managers. In this position, you generally oversee the marketing department of a pharmaceutical company, which is responsible for increasing sales and launching new drugs. This can involve monitoring market trends and developing marketing strategies, product promotions and advertisements while following government regulations pertaining to drug promotion. You may also develop promotional methods that salespeople can use to present products to prospective buyers.
According to the BLS, marketing managers in general usually need previous work experience in the field, as well as a bachelor's degree. Your degree program will likely cover market research and consumer behavior, and you might complete an internship.
Job Outlook and Salary
Marketing manager employment will rise by 10% between 2016 and 2026 according to the BLS. Although this is faster than average growth, competition will be a factor that can make it more difficult to find a job. While the BLS didn't list salary info for marketing managers in the pharmaceuticals industry, it did report that marketing managers in all industries earned a median income of $134,290 in May 2018.
Pharmacoeconomics is the study of the cost, effects and economic value of pharmaceutical drugs and services. As a researcher in this field, you'll conduct scientific experiments to determine the safety and side effects of medicines, as well as the monetary value of the these products. Your findings are often presented to pharmaceutical companies, physicians and regulatory bodies to help them decide whether to manufacture certain products and, if so, how to market them. You might also serve as research director, who oversees the staff of pharmacoeconomic scientists and technicians, as well as managing the department's research activities.
The BLS notes that a master's or doctoral degree is typically required to work as an economist and that you also need a strong math background. Experience is sometimes also required for this role.
Job Growth and Salary
Economists can expect to have an average growth of 6% between 2016 and 2026, according to the BLS. Their median annual pay in all industries as of May 2018 was $104,340.