There is no doubt that there is a gap to fill between the knowledge of a health professional and leadership in matters such as the administration and finances of this type of organization. This is why an educational program that can unite both interests is essential.
First, if we look at the report of the site statista, the number of students who have entered an MBA program has grown steadily in an increase that reaches 2020 with more than 200,000 professionals in different postgraduate programs in Canada. Then we can verify that there is a real need to acquire this knowledge.
Earning an MBA in healthcare can be a viable path to a career in demand in the growing healthcare industry. According to the US Bureau of Labor Statistics (BLS), employment in the broad category of health and medical service managers is expected to grow 32% from 2019 to 2029, with 133,200 new jobs created around of the world. That’s much faster than the projected average growth for all occupations and indicates the potential advantages of choosing a specialized MBA.
So how do we meet this challenge in a post covid-19 world?
Working in health care can go beyond providing patient care. In fact, understanding the business side of healthcare can broaden your career path and provide other benefits. Earning a Master of Business Administration (MBA) degree offers a great way to move your career in a different direction. With an MBA, you also have the option to consider taking on a leadership or management role in health care.
The University of Toronto has devised an MBA with all the contents adapted to the health and life sciences sector. A program that ranges from change management and international business to data analysis and strategy. In short, a tool that has all the necessary fundamentals to face today’s challenges in the health industry and that is taught through a global lens of biological sciences and a comprehensive look at the world of health business.
The Global Executive MBA for Healthcare and the Life Sciences (GEMBA-HLS), This transformative program was created to help healthcare and life sciences professionals to be able to leverage skills such as business experience to lead projects, and give knowledge high-level management and integration skills to lead change within your organization and/or on a broader system-wide scale.
This program is intended to be one of collaborative education, fostering connection with people and organizations that exemplify best practices and lead innovation around the world, including digital health initiatives.
New quality standards
If we talk about possibilities of change when acquiring new knowledge, especially the GEMBA-HLS, Brian Golden, Academic Director, Global Executive MBA for Healthcare and the Life Sciences and Sandra Rotman Chair in Health Sector Strategy, University of Toronto and University Health Network comments, “Health care is the world’s largest industry, and with advances in science and technology, and a global appetite for better, more accessible and sustainable health care, the opportunities for health system leaders are unlimited”.
That is why it is important that professionals in the health sector and health business administration dare to face this new world panorama with the skills that allow them to take their organizations to new quality standards, as the former participant of the program (2020) Pierre Côte, Head, Strategic Alliances and Innovation, mRNA Center of Excellence, Sanofi, “Successful scientists must be able to speak two languages: business and science. Being able to communicate effectively is just as important as the idea you are developing. Otherwise, how will you inspire others to believe in your project?
This program brings a dual degree program certificate for those who participate in the course. Global Executive Master of Business Administration (University of Toronto) / Global Executive Master of Business Administration (Universita Commerciale Luigi Bocconi) and Global Executive Master of Business Administration for Healthcare and the Life Sciences (GEMBA-HLS).
Also, the MBA is aimed at those people who have excelled in the area of health and/or life sciences, or who seek to have the tools to lead their organizations with the best knowledge in the area. The focus points to all those who work in the administration of the health environment; emphasizing the management of these institutions but specialized from the commercial side of the business.
A world that turns to better health also turns to better health care management
The healthcare industry in the globe has experienced steady growth over the past decade while simultaneously promoting quality, efficiency, and access to care. According to the business consultant Mackinsey, between 2012 and 2019, profit pools (earnings before interest, taxes, depreciation, and amortization, or EBITDA) grew at a compound average growth rate of roughly 5 percent.
According to Mackinsey, the next three years are expected to be less positive for the economics of the healthcare industry, as profit pools are more likely to be flat. COVID-19 has led to the potential for economic headwinds and a rebalancing of system funds.
Faced with these new factors and world order in the health industry, the University of Toronto responds with a solid proposal through its Global Executive MBA for Healthcare and the Life Sciences program, which with the assistance of its Rotman School of Administration from the University of Toronto offers many opportunities for professionals in the health and life sciences.
Another strength is its faculty. Rotman, today has more than 25 professors focused on addressing the challenges of the health system, in addition to an extensive network of leaders throughout the sector; which are recognized worldwide for their intellectual leadership.
The school brings together the expertise of the entire life and health sciences value chain. Program participants gain a broad perspective and integrative skills to reshape organizations, create patient value, and uncover opportunities in ever-changing environments. Participants will be exposed to seeing and learning about health care systems that are different from their own or their home countries. Where the goal is for them to understand how they work and then adopt the best features and use them for their own workplace
In addition, the School offers additional access to thought leadership through the Sandra Rotman Center for Health Sector Strategy, a research, education, and policy center focused on health care management.
A typical training program can help you understand and apply medical concepts, but it does not prepare you for board meetings, budgets, and human capital management. The GEMBA-HLS program gives participants real insights into the world of business. Graduates develop an understanding of everything related to business, from accounting to marketing, from finance to information systems, and from strategy to basic management techniques. These skills help participants in this global program become well-rounded business professionals.
For global problems, global solutions.
A new report from Frost & Sullivan predicts that a number of growth opportunities will bring healthcare and life sciences to a new normal in a post-Covid society.
The report predicts the top 10 growth opportunities in the industry globally and suggests that with healthcare consumption booming, global revenue will reach $2.7 trillion by 2025. Compiled by a team of analysts, the report is based on ongoing research and surveying leading providers of pharmaceutical, medical device and digital health solutions
If we think that the demand for better health, faster and with greater access for all, today is no longer an objective, but a reality, cooperation between different knowledge is the key to address a post-pandemic scenario that brings with it challenges and situations weak global economies.
That is why the GEMBA-HLS program has participants from many parts of the world and who perform various functions within the industry, which has the benefit of generating fruitful discussions and valuable connections. Deep relationships are also developed with a network of executives who help each other succeed long after graduation.
On the same, for example, Heather Chalmers, MBA (2004), President and CEO, GE Canada, National Leader, GE Healthcare Canada, comments that “Rotman has done a tremendous and deliberate job of developing a network with all stakeholders in the healthcare ecosystem. Also concurring with this view is Kathryn Tinckam, MBA (2020), Chief Medical Officer, University Health Network, who said, “In addition to the world-class Rotman faculty, the breadth of experience represented by GEMBA-HLS participants offers world-class learning. matchless peerless real”.
Finally, the GEMBA-HLS is designed for working professionals. It is an 18 month programme, delivered in a combination of online learning and 6 residential modules of approximately one week each.
During the residential modules, participants meet in cities that are some of the world’s key healthcare and life sciences markets (for example, Toronto, Singapore, London, UK, and the San Francisco Bay Area). They connect and share knowledge in face-to-face classes. Participants also take site visits where they interact with companies and institutions that are leaders in their fields and are exposed to ideas that are radically changing the way health care is delivered.
The MBA also takes a 360-degree look, connecting with the life sciences and health startup community through Rotman’s Creative Destruction Lab (CDL), an early-stage program for science and technology-based companies. massively scalable technology.
Selected MBA participants, along with successful entrepreneurs, provide strategic insights and business development support to turn research innovations into high-growth companies. Program participants apply their learnings to a growing organization and gain first-hand immersion in the business ecosystem.
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