The team of passionate educators at the International Business School of Pharmacists (IBSP) in Wassenaar, led by IBSP director Peter Felen, has made history with the introduction of the first international English language Pharmacy MBA in Europe. The goal of the institution is to offer the necessary resources to pharmacists who want to study business, economics, and entrepreneurship, ultimately addressing challenges such as market forces, competition, and drug shortages.
“In this first international English-language Pharmacy MBA in Europe, participants follow a two-year academic program.” - IBSP director Peter Felen, who lectures management to pharmacy students at the University of Groningen as a guest lecturer.
It has become imperative for pharmacists and other medical professionals to learn the business side of their discipline as the environment becomes increasingly competitive. The recent statement from the International Pharmacists’ Federation (FIP), stating that pharmacists need to invest both regionally and nationally in providing care as well as business further substantiates this claim. Consequently, IBSP has launched an MBA Pharmacy to arm pharmacists with the required resources to succeed as leaders and entrepreneurs.
The 20-month Master of Business Administration (MBA) program was developed to address the need of the pharmacy industry for more leadership and business acumen. According to Felen, pharmacists can also learn to be more proactive so that they are less dependent on government and health insurers in their operations. As an example, he cites vitamin D, which is disappearing from the insured package. "Pharmacists can retain consumers for the longer term by offering a subscription rate for vitamin D. That is an example of entrepreneurship."
The Pharmacy MBA program includes modules on sales and marketing, change management, corporate finance, leadership, business process management, and human resources, among others. There is also a focus on social and psychological processes, which the program says are important for understanding and explaining consumer behavior. Furthermore, ten times a year a speaker from home or abroad comes to the course for a presentation. “That may be, for example, a professor who comes to talk about a study,” said Felen, who himself was trained as a business administrator.
The new MBA is intended for pharmacists from the Netherlands and other countries. However, it is also suitable for anyone working in pharmacy chains and formulas, in the pharmaceutical industry, or as a wholesaler. The program starts in April 2023, costing €34,000, and takes place at Landgoed Wittenburg in Wassenaar. It can also be attended hybrid with participants getting the internationally recognized title "Executive MBA Pharmacy upon completion.
To learn more about the Pharmacy MBA program and other courses offered by the International Business School of Pharmacists (IBSP), visit - https://international-mba-pharmacists.com/. IBSP can also be found across social media, including LinkedIn and Twitter.
Company Name: International Business School of Pharmacists (IBSP)
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