At the heart of biotechnology lies advancement in the field of health care. This is a complicated field, however, that requires specialists who understand regulations, science, finance, intellectual property and the markets themselves. This is where an MBA (Master of Business Administration) with a concentration in Biotechnology is useful. This is because graduates understand both scientific and business elements involved in managing the field of health care as whole. The field is constantly developing, with various health care reforms (including the recent Affordable Care Act) coming into place. Additionally, the health care needs of the population are changing and evolving, which also needs to be addressed. While the MBA in Biotechnology is relatively new, interest in it is growing rapidly.
What We Do
Those with an MBA in Biotechnology often work for pharmaceutical and cosmetic companies. Here, they are responsible for the development of new products and associated research. It is highly progressive work that aims to improve the lives of people all over the world. Graduates are at the forefront of developing brand new products that can be used in industries, such as renewable energy, agriculture and pharmaceuticals, for instance. Many are currently involved in developing new methods of conserving energy and food, but they also focus on the development of new drugs or even brand new companies.
Why It’s Hot
The field of biotechnology is always evolving and changing and demand for these types of professionals continues to grow as we experience new health crises, food shortages and fuel shortages. According to the U.S. Bureau of Labor Statistics (BLS), biomedical engineers earn an average of $86,960 per year at bachelor degree level. On average a master’s degree can add around $10,000 per year to your salary, which shows just how interesting this career is in terms of earnings. Additionally, the BLS projects that the field will grow by 27% between 2012 and 2022, which is well above average.
Someone with an MBA in Biotechnology can work in a huge variety of industries and many different environments. Some work in offices behind a desk. Others work in laboratories. Others still find themselves working outdoors to perform research. As it is such a vast field, the possibilities of employment are equally wide.
How to Do It
In order to complete an MBA in Biotechnology, you will first need to complete a bachelor’s degree, which takes four years to finish. A bachelor of science is highly recommended for this purpose because the Biotechnology field is highly scientific. Majors such as biotechnology, biomedical science, environmental technology, pharmaceutics and so on are good starters for a master’s degree. Entrance to MBA programs is incredibly competitive, however, and you will have to demonstrate that you are of high academic and professional standing. Some programs will generally require you to pass a GMAT exam, which will weigh heavily towards you chances of being accepted. Other Online options are likely your best bet to avoid this requirement. It is also recommended that you apply to a number of different universities to increase your chances of being accepted.
You could choose to study towards the Master of Microbial Biotechnology/MBA offered by NC State University. This is an 8-semester, comprehensive degree program that prepares students to manage the business of biotechnology.
MBA in Biotechnology Online
More and more people are now choosing to study online. This is generally less costly and it is also a lot more flexible, meaning you can combine professional and personal commitments while studying at the same time. Many people also choose to study online because it enables them to study with universities all around the globe. As the MBA in Biotechnology is such a new degree, very few universities offer the program, particularly in this country. Being able to study online internationally, therefore, is a great way to achieve your professional and educational goals. Below are a number of online options available to you.
- Dual Degree MS Biotechnology/MBA – Johns Hopkins University – This degree can be completed online or on campus. It is a 31 course program that graduates people with a dual degree.
- MS Biotechnology/MBA Dual Degree – Channel Islands California State University – This degree is designed to be flexible and much of the curriculum, while not all, are offered online. It focuses on some of the most cutting edge technologies and developments in the field.
- Danube Professional MBA Biotech & Pharmaceutical Management – Danube University Krems – This program is offered by the Danube University in Krems, Austria, and it provides a highly acclaimed MBA Biotechnology course. This is also provides an opportunity to start to build on international networking contacts.
- Advanced Master in Biotechnology & Pharmaceutical Management – Grenoble Ecole de Management – This university in Grenoble, France, offers a 15 months MBA program that costs just 14,500 Euros to complete.
- MBA Biotechnology – Abertay University – This university on Scotland prides itself on its world class education and flexible course delivery options. Graduates are seen as true global leaders.
- MBA Pharma Biotech – Savitribai Phule Pune University – This university in Maharashtra, India, offers a highly comprehensive MBA program that includes not just MBA core courses and a specialization in Pharmaceutical and Biotechnology. It also includes cyber security, human rights and various skills based courses.
Pros & Cons
Choosing to study towards an MBA in any specialization is an important decision and you should consider all the different pros and cons associated with it.
- The field is incredibly vast, which means that you will be able to get to work in many different industries.
- Demand is high and growing, so it is unlikely that you will struggle to find employment.
- You could be at the forefront of developments that improve lives all over the world, be that because of new pharmaceutics, energy management, agricultural processes and so on.
- You will spend a long time researching and sometimes your research will not develop any usable results.
- Hours can be long and grueling.
- Obtaining an MBA can be costly.
- There are only very few schools in this country that offer the degree so it is likely that you will have to study abroad. While this has certain advantages in terms of building international contacts, it can also be difficult due to language barriers and different time zones.
- The University of Texas at Austin offers a number of scholarships for those who want to enter the field of biotechnology.
- Michigan State University offers the Pamela Agren Memorial Scholarship.
- American Society for Clinical Laboratory Science (ASCLS) – Scholarships for ASCLS members.
- American Society for Clinical Pathology (ASCP) – Scholarships for ASCP members.
- South Central Association for Clinical Microbiologists (SCACM), which announces annual scholarships.
Obtaining an MBA in Biotechnology will open up a huge range of career options for you. You could work in hospitals, pharmaceutical industries, government agencies and more. Some of the career paths you could follow include:
- Research manager: looking into new developments in the field.
- Project manager: usually on a consultancy basis, helping to manage a program from start to finish.
- Director of research: working in laboratories or health facilities and driving new research developments.
- Market analyst for biological goods: often working together with people in the agricultural industry, but also the pharmaceutical industry
- Financial analyst: working particularly in scientific development and testing and analyzing cost projections.
- Natural science manager: often with a focus on sustainability and environmental issues.
- Biotechnology business analyst: working in biotechnological industries to analyze and improve business policies and processes.
- Senior scientist: particularly interesting if you have a bachelor’s major in a certain field of science.
- Quality control expert: working in the pharmaceutical industry and ensuring new products are properly tested, priced and marketed.
- Business development: helping business in a health related field to get off the ground and develop itself.
- The Scientist
- Discover Magazine
- Genetic Engineering & Biotechnology News
- Nature Biotechnology
Six websites with helpful resources for those working in field relevant to an MBA in Biotechnology