More doctors and healthcare professionals are joining management schools, turned away by the limited number of seats for a post-graduate course in medicine and the prospects of a better pay package after graduating from a B-school.
Doctors who have successfully completed an MBA course get job offers with packages of anywhere between Rs 12 lakh and Rs 18 lakh per annum. While 'normal' MBA students get Rs 8-18 lakh per annum. At IMT Ghaziabad, there was one doctor last year. Now, there are two, even as companies like Ranbaxy and Dr Reddy's come for campus recruitments.
The trend is only increasing due to the boom in the healthcare and pharmaceutical industry. The Indian pharmaceutical market (IPM), which was valued at Rs 55,500 crore last year, grew 8.9 per cent in July and 18.3 per cent in June, according to ORG IMS, which tracks sales of drugs in India.
Consider this: In the class of 2010 at the Indian School of Business, Hyderabad, there are 13 students with a background in medical studies — up from 10 in 2008 and substantially up from six in 2007.
“Hospitals have to develop their value propositions and deliver results to ensure a loyal clientele. Hence, the need to professionalise the services being offered. All this calls for a highly professional management team. Doctors with a management background are ideally suited to manage this responsibility. They can understand all sides of the equation — from the doctor's viewpoint, from the patients' viewpoint and from the management's viewpoint. This is why they are in high demand and the reason why many talented doctors are joining premier B-schools,” explains V K Menon, senior director (career advancement services, admissions and financial aid), ISB.
The healthcare club at the ISB has 70 members who conduct a healthcare conclave, wherein they invite leaders from the healthcare industry and hold sessions on various current issues related to medicine, healthcare and pharmaceuticals.
At the Indian Institute of Management, Kozhikode (IIM-K), there are three students with a background in medical studies who have enrolled in the Post-Graduate Programme. Last year, there was only one such student.
"With more medical as well as other varied graduates venturing into business education, the resultant heterogeneity will generate a richer learning experience due to the incoming diverse perspectives," says a student from IIM-K.
The case is similar with Delhi’s Faculty of Management Studies (FMS), where there are four doctors in the 2011 batch — up from two last year.
"After MBBS, the number of post-graduate seats is less. Moreover, the healthcare sector is growing and has a lot of scope for management," added Shreekar Sudarshan, joint secretary (media relations), FMS.
Concurs Professor A M Sherry, chairman, Joint Admission Committee, Institute of Management Technology (IMT): “We have BDS and MBBS students here. The reason for this trend is limited seats in post-graduation in medicine. Besides, after getting an MBA degree, the student is sure of a placement and a salary that is higher than a normal MBA.”