Importance of Analytical ability

My blogs on major managerial skills are still continuing as I am aware of the importance of the same in the current professional scenario. Today’s professionals have to withstand such a strong competition from the opponents in every sector, among which the situation is very critical in pharmaceutical industry. So, the students are trying to enter into or eager to accept such challenges must have to develop these skills in order to hold the winning flag.

As in the case of entrepreneurship on which one of my friend already started the discussion in the blog space, management skills like time management or goal setting plays an important role.

Present entrepreneurs have to survive in a tougher and aggressive competition when compared to the situation faced by our early entrepreneurs like Dheerubhai Ambani who started the career from nothing.

People with some soft skills definitely possess a prominent edge in the present business.

Most of the successful pharmaceutical entrepreneurs have made the business with decent analytical and problem solving abilities. Analytical ability is one of the frequently mentioned skills desired of managers nowadays and problem solving ability always sticks to the analytical skills. As Alan Stoneman, former president of Purex Corporation, used to say, “We have no problems here; all are opportunities; all a problem should be an opportunity.”
In other words, managers must be able to identify problems, analyze complex situations, and, by solving the problems encountered, exploit the opportunities presented. They must scan the environment and identify, through a rational process, those factors that stand in the way of opportunities.

Analytical ability can be defined as the ability to think in a discerning way, to scrutinize and breakdown facts and thoughts, recall and use information.

As a manager in the pharmaceutical company one person should use the analytical skills to find the needs of the society and then satisfy those needs with a new drug or service.

Nowadays, some of the pharmacy students are planning to set their career as entrepreneurs or managers in the pharmaceutical industry. To facilitate the trend many of the renowned pharmacy colleges in India provide management education as MBA or even as M.Pharm itself. These courses help the students to improve their managerial skills needed for the management of different streams like pharmaceutical marketing, regulatory affairs, intellectual property rights, sales and advertisements etc. in a pharmaceutical company. Analytical ability of the students is improved mainly by providing them with case studies from which they have to extract the problems and to give alternatives and suggestions. Such mode of learning helps them to involve in the important functions of market analysis, customer value analysis and SWOT (Strength, Weakness, Opportunities and Threat) analysis of their company. Analytical way of thinking helps the professionals to collect more information and to find out more alternatives for a problem.

In an organization, analyzing the things is important in every sublevel as the business is concerned. So pharmacy students who are seeking a career in pharmaceutical companies from formulation, R&D to marketing have to develop the skills of analyzing and problem solving. To analyze the details given by the patients during counseling and to provide them with necessary alternatives and information, a community pharmacist need some sort of analytical skills. Areas like drug monitoring and patient interviewing also need the application of analytical ability.

As a whole, analytical ability is an important managerial skill which the pharmacy students or professionals must develop in order to achieve the success in the entrepreneurship.