MM&M 2012 Career & Salary Survey

Every year, Medical Marketing & Media conducts a salary survey among executives working in the pharmaceutical industry. The 26th MM&M Career & Salary Survey reports average salaries are slightly outpacing inflation, up 2.8% to 132.6K and just below 2007's high of 133.7K.

According to their survey, Medical Directors have an average salary of $176,700 which is up 7.1%. With an n=17 medical directors, this is a relatively small sample.

The online survey was emailed to more than 40,000 executives employed in pharmaceuticals, healthcare marketing and related fields, encompassing manufacturers, agencies, media companies and service suppliers/vendors, during August and September.

Of the 994 qualified respondents: 403 are employed by manufacturers (pharma, biotech, devices, diagnostics), 345 by agencies, 77 work in healthcare media and 88 for suppliers/vendors; 524 are male and 470 are female; and the average age is 43 years.

You can read about the survey here and access the complete report here (PDF).

Medical Marketing & Media (MM&M) Virtual Summit 2012

Here's some information about the Medical Marketing & Media (MM&M) Virtual Summit 2012 tomorrow:

• WHAT IS IT?
The MM&M Virtual Summit is an online event where some of the finest leaders and thinkers in healthcare marketing will discuss and share strategies, observations and insights on key issues facing the industry. It's also a forum to foster live, interactive dialogue between delegates, speakers and sponsors.

• WHO'S ATTENDING?
Delegates will be marketing executives from pharmaceutical, biotech, device and diagnostics companies, plus advertising and marketing agency executives, vendors, industry consultants and other prominent figures in healthcare marketing. Last year's inaugural MM&M Virtual Summit drew almost 1,000 registrants, with 500 of those attending live on the day. This year's attendance is expected to surpass that.

Some of the finest leaders and thinkers in pharmaceutical marketing shared their strategies, observations and insights on the key issues facing this transitioning industry, including brand management, innovation, the patient journey, digital evolution and reaching physicians.

When: March 27, 2012
Where: Your computer

Best of all, you didn't have to leave your office - and it's completely free to register and attend.

Learn more here.

MBA, MMM, or MS-HQSM?

Interested in a master's degree in medical management or business administration? How about a master's degree in Healthcare Quality and Safety Management (MS-HQSM)? Consider the ACPE Graduate Degree program. The American College of Physician Executives (ACPE) offers a way for you to get an MBA, MMM, or MS-HQSM through these universities:

• University of Massachusetts Amherst Isenberg School of Management
• Carnegie Mellon University Heinz College, School of Public Policy and Management
• University of Southern California Marshall School of Business
• Thomas Jefferson University Jefferson School of Population Health

After completing the ACPE prerequisites & tests (125 CMEs = $6,475–$7,000), choose from four of the nation's top universities to complete your post-graduate business degree.

Free ACPE Webinar: Advancing Your Career: Degree & Certification

Are you curious about what steps to take next toward a possible part or full time career as a physician leader or manager? Then join us for this informative session presented by Barbara Linney, ACPE's Director of Career Development. Barbara has over 15 years experience working with physicians from across the country - she'll offer clear and proven tips on how to navigate your way down the path from managing one patient or practice at a time to managing and leading groups, departments, organizations and systems. 


Participate in this free ACPE (American College of Physician Executives) Webinar titled,: Advancing Your Career: Degree & Certification

Tuesday, January, 18 at 12:00 Noon Eastern

Click here for more information.

Career & Salary Survey: Rain Check

This article on MMM (Medical Marketing and Media) talks about salaries 24th annual MM&M Career & Salary Survey. In a nutshell, salaries went down in the medical marketing industry in 2009. Not a surprise, given that we're in a recession and many pharmaceutical companies are feeling the effects of the recession trickle down to patients and their medications. Then, in 2010 those average salaries went up by 5.4% to $129,200.

As for job satisfaction, 29.6 % report they are “thoroughly satisfied” with their job vs. 25.9% in 2009. Only 7.4% report that they are “not satisfied” with their position.

You can read the article here on MMM.

Free Webinar: Advancing Your Career: Degree & Certification

The American College of Physicican Executives (ACPE) is providing a free webinar titled, "Advancing Your Career: Degree & Certification."

Are you curious about what steps to take next toward a possible part or full time career as a physician leader or manager? Then join us for this informative session presented by Barbara Linney, ACPE's Director of Career Development. Barbara has over 15 years of experience working with physicians from across the country. She'll offer clear and proven tips on how to navigate your way down the path from managing one patient or practice at a time to managing and leading groups, departments, organizations and systems.

Wednesday, September 15, 12 p.m. Eastern

Click here for more information about this webinar.

Physician Executive MBA

If you type "Physician Executive MBA" into Google, you'll see 2 business schools pop up on the first page:

• Physician Executive MBA Program - University of Tennessee
• Auburn University Physicians Executive MBA

There are many other Executive MBA programs specifically for physicians, but they're not popping up on the first page of Google.  Why? Because the majority of Executive MBA or EMBA programs are not specifically tailored just for physicians. There are some that focus on healthcare, but those programs are generally open to pharmacists, nurses, and other health care professionals.

Physician EMBA programs are almost exclusively geared for physicians who wish to improve their leadership skills and learn how to become more effective physician executives in the world of medical management.  Speaking of medical management, you could also choose to pursue a Master of Medical Management or MMM degree from a number of schools that offer this relatively new degree.

• Carnegie Mellon University Heinz College Master of Medical Management
• University of Southern California Marshall Master of Medical Management

What's a physician executive? Visit the American College of Physician Executives or ACPE website.

ACPE Graduate Degree Programs: MBA and MMM

I'm in Washington D.C. attending the 2010 ACPE (American College of Physician Executives) Annual CME Conference. Here, you can learn about graduate degrees (master of business administration or MBA and master of medical management or MMM) offered through the following partner universities:

• University of Massachusetts Amherst Isenberg School of Management (MBA)
• Carnegie Mellon Heinz College, School of Public Policy & Management (MMM)
• University of Southern California Marshall School of Business (MMM)

Interested in pursuing yet another graduate degree? Here are some reasons why you want to consider a graduate degree:
    * Enhance your credibility in the business side of medicine
    * Broaden your perspective and learn new approaches
    * Realize the power of both leading and following - medicine as a team sport
    * Stay competitive - most management jobs now require a graduate business degree

If you're serious about making a career transition that involves more management responsibilities, then you may want to consider a graduate degree that focuses on administration or medical management. I've spoken with many physician executives who've told me why they chose to pursue an MBA vs. an MMM. I'd encourage you to do the same.

Non-Clinical Medical Careers in Politics

Do you think that it's a good time to get into healthcare politics? So many healthcare issues are being discussed in Washington right now. If you're passionate about politics, maybe you'd be interested in investing in some formal education.

The Graduate School of Political Management (GSPM) at the George Washington University offers a Master of Professional Studies in Political Management. The George Washington University's programs are co-developed by university content specialists and outside partners, including government agencies, professional associations, consulting organizations, business and industry leaders.

Students networked with respected fellow professionals across the nation including:

• Public Policy Project Managers
• Government Department Managers
• Disability Advocacy Consultants
• Directors for R&D campaign planning

My favorite FAQ about this program is: "How do the GSPM's political programs differ from political science or public policy programs?" Here's the answer:

The School's curriculum focuses on applied or practical politics, not on theory-building. Public policy or public administration programs focus upon decision-making integral to the machinery of government, notably executive branch agencies. In contrast, students of political management concentrate upon the political processes that influence those agencies from outside the formal apparatus of government, through such activities as lobbying or elections. Our faculty are experienced political professionals: our full-time professors have extensive political experience, and our adjunct faculty are professionals working at the top level in the field.

Social networking is so important in the corporate world and even more critical in the world of politics. Maybe you can get a head start through this program. I don't have a love for politics, so I'm not interested, but perhaps you may want to learn more. Visit: http://www.gspmonline.com/

Of course, you could also pursue one of these degrees:

• Master of Health Administration (MHA)
• Master of Health Care Administration (MHA)
• Master of Health Services Administration (MHSA)
• Master of Public Health (MPH)
  
• Master of Business Administration (MBA) in Health Care

Of course, you could always consider these options:

• Master of Public Administration in Health Policy and Management (MPA) - I suggest NYU Wagner
  
• Master of Science in Health Policy Research (MSHP) - I suggest the University of Pennsylvania
  
• Master of Science in Health Services Research - I suggest Stanford
  
• Master of Science in Health Policy and Management - I suggest Harvard
  
• Master of Science in Health Care Management - I suggest Harvard
  

If you want to cover it all:

• Master of Science in Health Services Research, Policy and Administration (MS-HSRP&A) - you can get this degree at the University of Minnesota
  

Business Schools for Physicians

If you're thinking about business school, have you done much research about full-time, executive, part-time, or distance-learning programs?

The ACPE (American College of Physician Executives) recommends the following 4 universities for an MBA or a Master's in Medical Management (MMM):

• Carnegie Mellon University (Heinz College, School of Public Policy & Management)
  
• University of Southern California (Marshall School of Business)
  
• Tulane University (School of Public Health & Tropical Medicine)
  
• University of Massachusetts Amherst (Isenberg School of Management)

Are you thinking about B-school? Have you done your research?

Top Business Graduate Schools for Physician Executives

According to Modern Healthcare's 2009 survey of graduate business schools for physician-executives, these five business schools are considered the "top" graduate programs for physician executives interested in getting an MBA, MMM, or MHA:

1. University of North Carolina
2. Virginia Commonwealth University
3. Trinity University, San Antonio
4. Carnegie Mellon University
5. University of Michigan/ University of Missouri (tied for 5th place)
   

What do you think about this list? For the complete list of schools ranked by Modern Healthcare, click here. Note that all the schools that were ranked offer distance learning programs.

Improving Leadership Skills

We probably don't do enough to improve our personal leadership. The American College of Physician Executives (ACPE) has some great courses on physician leadership, but only a small percentage of US physicians are members of ACPE. Even a smaller percentage are pursing a master's degree in either medical management (MMM) or business administration (MBA). So, if you can't enroll in a degree program, then you may want to try either Dale Carnegie Training or Fred Pryor Seminars & CareerTrack. Participation in these courses can strengthen your career and also help you refine important leadership skills.

Master's in Medical Management

What do these 4 universities have in common?

• Carnegie Mellon University
• University of Southern California
• Tulane University
• University of Massachusetts Amherst

They offer either a master's in medical management (MMM) or a master's in business administration (MBA). Plus, they are the four schools that are ACPE partners.

The ACPE (American College of Physician Executives) is an organization that fosters the growth and development of physician leaders. You don't need to have a master's degree to be an excellent physician executive. However, there are many benefits of formal education in professional leadership, management, and business.