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Career as Pharma Benefit Analyst

Career as a Pharma Benefit Analyst

About Pharma Benefit Analyst

A Pharma Benefit Analyst is responsible for retaining and attracting clients by researching, explaining and recommending benefits programs. He is also responsible for developing, evaluating and documenting tasks designed for the Pharmacy Benefit Management (PBM) solutions. A good Pharma Benefit Analyst conducts research and surveys at regular intervals to determine employee benefits interests. His main duties include assigning tasks to the team members, conducting research and maintaining the existing benefit plans and client pricing. 

Responsibilities of a Pharma Benefit Analyst

Check some major responsibilities of a Pharma Benefit Analyst provided below.

  • Updating the existing benefits plans of the clients

  • Determining the best pharma benefits plans for the clients by conducting research

  • Ensuring timely communication with the client to make changes in the plan

  • Responding to all claim processing requests from the client

  • Developing and running macros in RxCLAIM to implement all plan requests

  • Maintaining the data of the client and updating it at regular intervals

Eligibility to become Pharma Benefit Analyst

The Pharma Benefit Analyst should meet some of the requirements decided by the hospital. The minimum criteria for becoming a Pharma Benefit Analyst is provided in the table below.

Education Required

  • Candidates must have completed a master’ degree in data analysis, pharmaceutical analysis or any related field 

Soft Skills

Provided below are some key skills required for Pharma Benefit Analyst

  • Reporting Skills

  • Presentation Skills

  • Quality Management

  • Leadership Skills

  • Communication Skills

Technical Skills

  • Candidates should have good knowledge of Microsoft Office and Pandora

Work Experience

  • Some of the companies hire candidates who have one or two years of work experience in pharmaceutical analysis and research

Courses to Become a Pharma Benefit Analyst

Provided below are some well-known courses that help you become a Pharma Benefit Analyst. The table also contains some of the well known Pharmaceutical colleges. You can apply to these colleges by filling our Common Application Form.

Course

Total Fee (Approx)

Top Colleges for Pharmaceutical Analysis

Bachelor of Pharmacy

INR 70,000 to INR 1.25 lakh

MBA in Data Analytics

INR 40,000 to INR 6.00 lakh

M.Sc Pharmaceutical Analysis

INR 1.00 lakh to INR 4.00 lakh

M.Pharm Pharmaceutical Analysis

INR 90,000 to INR 3.00 lakh

Types of Job Roles Pharma Benefit Analyst

Job roles of a Pharma Benefit Analyst will depend upon his work profile. He can start his career by completing a training or internship program in any field related to pharmaceutical research. After that, he can apply to any industry according to his interest. He can also consider some similar job profiles while applying for a job. Some of the job profiles available for a Pharma Benefit Analyst are listed below.

Candidates who are not sure about their work profile can take our Career Profiling Test to know what career is best suited to them. Besides this, those who want to know more about a career as a Pharma Benefit Analyst can ask questions on the Collegedekho QnA zone

Employment Opportunities for Pharma Benefit Analyst

A Pharma Benefit Analyst may look for a job in the pharmaceutical sector. Besides this, he can also apply for a job in any IT or research industries. Majority of the work of Pharma Benefit Analysts will include research-related activities. The infographic provided below will help you know the employment opportunities available for a Pharma Benefit Analyst. 

Employment Opportunities for Pharma Benefit Analyst

Top Recruiting Agencies for Pharma Benefit Analyst

Some of the major recruiting companies for Pharma Benefit Analyst are listed below.

  • Apollo Hospital

  • King Edward Memorial Hospital

  • Hiranandani Hospital

  • Medanta

  • Fortis Hospital

  • Ranbaxy

  • Abbott

  • Tata Memorial Hospital

Planning to choose Pharma Benefit Analyst as your career?

Pay Scale/Salary of Pharma Benefit Analyst

The average salary of a Pharma Benefit Analyst who has a working experience of more than 4 years is INR 4 lakh per annum. Besides this, those who have more than 8 years of experience can surely get an average salary of INR 8 lakh per annum. The table below shows the average salary of Pharma Benefit Analyst for all levels of experience.  

Profile

Starting Salary per annum (in INR)

Mid Level Salary per annum (in INR)

Senior Level Salary per annum (INR)

Pharma Benefit Analyst

2,95,000

4,23,000

8,15,000

Salary of Pharma Benefit Analyst

 

Books & Study Material to Become Pharma Benefit Analyst

Pharma Benefit Analyst should be well updated with the current market trends and the requirements of the clients. There are many books available in the market that can help the Pharma Benefit Analyst to know some additional skills and knowledge about pharmaceutical analysis. Some of the recommendations are listed below.

  • In Vitro Methods in Pharmaceutical Research

  • The Pharmaceutical Regulatory Process by Ira R. Berry

  • Research Methods for Pharmaceutical Practice and Policy

  • The Power of Habit by Charles Duhigg

Pros of becoming a Pharma Benefit Analyst

  • You will be meeting different kinds of people daily

  • You will be working on a variety of tasks

  • A career as a Pharma Benefit Analyst will help you learn some research skills

  • This profile is perfect for the candidates who are interested in research related work

Cons of becoming a Pharma Benefit Analyst

  • Salary of a Pharma Benefit Analyst is not very high

  • You will be responsible for resolving the plan related doubts of the clients

  • You should have good analytical and communication skills for a successful career as a Pharma Benefit Analyst

  • Work experience of 1 year is required for this position

Paths for Being Pharma Benefit Analyst

FAQs about Pharma Benefit Analyst

What are the cons of becoming a Pharma Benefit Analyst?

The salary of a Pharma Benefit Analyst is not very high in the initial stage. Besides this, he will be responsible for maintaining and updating the existing benefits plans of the clients.

How to become a Pharma Benefit Analyst?

You can start your career as a Pharma Benefit Analyst by completing a bachelor’s degree in pharmaceutical analysis. After that, you can complete your master’s degree before applying for a job as a Pharma Benefit Analyst.

What skills are required to become a Pharma Benefit Analyst?

Some of the skills required to become a Pharma Benefit Analyst are Reporting Skills, Presentation Skills, Quality Management, Leadership Skills and Communication Skills

Where can a Pharma Benefit Analyst apply for a job?

Pharma Benefit Analyst can apply for a job in any pharmaceutical industry. Besides this, he can also look for a job in any sector related to research.

What are the major recruiters for Pharma Benefit Analyst?

Some of the major recruiters for Pharma Benefit Analyst are Hiranandani Hospital, Medanta, Fortis Hospital, Ranbaxy and Abbott

What other job profiles are available for a Pharma Benefit Analyst?

Some of the other job profiles available for a Pharma Benefit Analyst are Medical Representative, Pharmacist, Market Research Analyst, Quantitative Analyst and Industry Analyst

How much work experience is required for a career as a Pharma Benefit Analyst?

You should have at least 1-2 years of experience in the pharmaceutical research-related field for a career as a Pharma Benefit Analyst.

I have completed M.Sc Pharmaceutical Analysis. Can I become a Pharma Benefit Analyst?

Yes, you can apply for a job as a Pharma Benefit Analyst after checking the job description of the company.

Who is a Pharma Benefit Analyst?

Pharma Benefit Analyst is a person who explains and suggests pharma benefits plans to the clients. He also performs research to find out the interest of the clients

What is the average salary of a Pharma Benefit Analyst?

The average salary of a Pharma Benefit Analyst is INR 6 lakh per annum. Besides this, those who are new to the industry can earn up to INR 3 lakh per annum.

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