B-Schools At The Forefront Of Healthcare
As the healthcare and biotech industries rapidly grow, B-schools are doubling down on specialized healthcare programs and certificates in hopes of bringing innovative solutions to the table and training the leaders of tomorrow.
THE ROLE OF B-SCHOOLS IN HEALTHCARE
From supply chain management to resource allocation, business plays an integral role in the healthcare industry. And B-schools are at the forefront of reshaping how the healthcare system operates and grows.
“Business schools are in a privileged position to catalyze the reengineering of the healthcare system by disseminating these know-hows,” Leslie Breitner, Academic Director of the International Masters for Health Leadership (IMHL) at Desautels Faculty of Management, McGill University, tells Forbes.
At McGill University, the IMHL program is designed specifically for healthcare professionals— from business consultants in big pharma to dental care owners.
“The overarching intent is to create a more efficient, accountable system that can leverage business acumen,” Breitner says. “Healthcare facilities and medical schools now appreciate the value of teaching solid managerial skills.”
U.S. B-SCHOOLS MAKING A MARK
Here in the U.S., a number of top B-schools are also looking to make an impact in the healthcare industry.
The Wharton School offers an MBA with a Health Care Management (HCM) major, a program that is designed to bring together students from nearly every sector of healthcare—from pharmaceuticals to venture capital.
And students are showing high interest in B-schools’ healthcare programs. According to Fortuna Admissions, a top MBA admissions coaching firm, more than 15% of clients applying to Wharton cite the B-school’s HCM program as a significant factor in their decision to choose the school.
At the University of Chicago Booth School of Business, the new joint MBA/MS Biomedical Sciences (BMS) program offers students the opportunity to combine business expertise with foundational knowledge in biomedicine. Candidates take 14 Booth-only courses and LEAD, an experiential leadership development course, as well as six MS-only courses over the span of the two-year program.
“Given the immense need for innovation in both healthcare and biomedicine to advance human health, having skilled professionals who are well versed in the vernacular of biomedicine and healthcare as well as poised to lead change is critical for the future,” Vineet Arora, MD, Herbert T. Abelson Professor of Medicine, Dean for Medical Education, and Founding Director of the BMS program, says. “It’s exciting to be part of training a workforce who can help transform our fields.”
At Northwestern’s Kellogg School of Management, a new Healthcare at Kellogg (HCAK) Deep Dive Program combines rigorous academic discussion and case study with high-level practitioners in the industry. The new healthcare MBA pathway builds upon the B-school’s signature management training with specialized healthcare courses. It’s the longest-running healthcare business program in the country, Professor of Strategy Craig Garthwaite, an economist and Kellogg’s director of healthcare, says. In recent years, the program has transitioned its emphasis from concentrating on hospital and healthcare service sectors to focusing on the business aspects of the industry.
“The United States is not a national public health program. We are acknowledging the fact that, whatever people think, the U.S. healthcare market is dominated by private firms, and they need to create and capture value,” Garthwaite says. “That requires taking the tools we teach in our regular strategy and finance classes, and all the things you need to run a business, and combining it with the unique nature of healthcare.”
Just the name Johns Hopkins University conveys excellence in healthcare. At the Carey Business School, whose entire programming is STEM-designated and filled with health-related electives, students can complete dual MBA degrees with both medicine and public health. In the process, they can connect with some of the top teachers and researchers in the fields of healthcare and life sciences. This access appealed strongly to Jon Ilani, a ’23 graduate and 2023 Poets&Quants Best & Brightest MBA. Not only did the Carey MBA program expose him to a variety of schools within Johns Hopkins, but the school went out of its way to ensure he met his goals and achieved success — even before he started in the program.
“While every school talked about their potential to help me, Carey Business School went the extra mile to make it happen. They arranged an interview for me with a Carey alumnus for an internship at Cedars-Sinai Hospital, setting me up with a pre-MBA internship and leveraging their strong alumni network. This experience provided me with valuable real-world experience, which was immensely helpful when I applied for internships for the following summer.”
Sources: Forbes, McKinsey & Company, The Wharton School, The University of Chicago, P&Q, P&Q
Five Stanford GSB Students Receive 2024 Siebel Scholars Award
Five Stanford Graduate School of Business students have been named 2024 Siebel Scholars in recognition of their outstanding academic achievements and commitment to building the future.
The second-year MBA students — Tye Gerrard, Zane Stiles, Jessica Wang, Mark Whittaker, and Andrew Wooten — will each receive a $35,000 scholarship for their final year of study and access to a network of over 1,700 former Siebel Scholars.
WHAT IS THE SIEBEL SCHOLARS PROGRAM?
Established in 2000, the Siebel Scholars Program recognizes exceptional students at the world’s leading graduate schools of business, computer science, bioengineering, and energy science. Each year, more than 90 students are selected as scholars based on academic excellence and leadership potential. As of today, there are over 1,800 Siebel Scholars ranging from executives and entrepreneurs to researchers and philanthropists
“Every year, the Siebel Scholars continue to impress me with their commitment to academics and influencing future society. This year’s class is exceptional, and once again represents the best and brightest minds from around the globe who are advancing innovations in healthcare, artificial intelligence, financial services, and more,” Thomas M. Siebel, Chairman of the Siebel Scholars Foundation, says.
FIVE STANFORD GSB STUDENTS NAMED 2024 SIEBEL SCHOLARS
This year’s recipients are Tye Gerrard, Zane Stiles, Jessica Wang, Mark Whittaker, and Andrew Wooten.
Tye Gerrard holds a BEng and MSc from the University of Queensland, where he studied mechanical and petroleum engineering (with Honors), and a Master of Applied Finance degree from the University of Western Australia, where he was University Valedictorian and named the Phil Dolan Scholar. At Stanford GSB, he is the chief financial officer of the Student Association, co-president of the Finance and Investment Club, president of the Australia and New Zealand Club, and member of the Dream Big, Lead Boldly Leadership Team.
Zane Stiles earned a BSE in computer science and a BS in economics at the University of Pennsylvania, where he was named a Joseph Wharton Scholar and graduated summa cum laude. At Stanford GSB, he serves as the external chair of the MBA Student Association Technology and Communications Committee. During the pandemic, Stiles founded VaccinateMA, which connected Massachusetts residents to COVID-19 vaccines.
Jessica Wang has a BA in economics and government from Dartmouth College, where she graduated magna cum laude. After Dartmouth, Wang spent four years at Bain Capital as a private equity analyst and later an associate. At Stanford GSB, she is a peer mentor and serves on the MBA Student Association Careers Committee.
Mark Whittaker earned a BA in economics from Harvard University and served as a principal at the New York private equity firm Perry Creek Capital, where he invested in publicly traded equities and private companies across a diverse set of industries. At Stanford GSB, he serves as co-chief investment officer of the Finance and Investment Club.
Andrew Wooten graduated cum laude from Yale-NUS College with a BS degree in mathematical, computational, and statistical sciences. For the past seven years, Wooten has worked at Crimson Education, a growth-stage EdTech company that runs an international online high school and offers college admissions support. As chief revenue officer, he leads a 200-person team across 25 markets to manage all aspects of Crimson’s growth. At Stanford GSB, Wooten is part of the Student Association Academic Committee and is researching climate tech automation.
Sources: Stanford Graduate School of Business, Siebel Scholars
Anthony Penna: Wharton’s admissions is “interested in the depth and breadth of the individual’s contributions to their work environment and level of responsibility and progression”
Former Wharton Admissions Director Shares Advice
The University of Pennsylvania’s Wharton School ranks number one in our “Top Business Schools” ranking — and for good reason.
The B-school’s diverse student body and intensive finance curriculum make it a coveted MBA program for many applicants. With an acceptance rate of 22-23%, it’s also exceptionally hard to get in.
Anthony Penna, former associate director of MBA admissions at the Wharton School and admissions consultant at Stacy Blackman Consulting, recently offered a few insights into what the Wharton program is really like and what it takes for applicants to get accepted.
WHAT MAKES WHARTON UNIQUE
As one of the oldest and most prestigious B-schools in the world, the Wharton School is well known for its cohort learning team model. Penna says a notable feature of the Wharton MBA is the fact that it’s student led.
“The school gives students a chance to impact the program with varying fellows positions, taking on leadership roles in myriad areas, including leadership training, student life admissions, and career development,” Penna says.
Additionally, Wharton is home to over 240 faculty members—each of whom are renown in their field of study.
“[Wharton] has experts in every aspect of the business world, from data analytics to entrepreneurship to diversity and inclusion,” Penna says. “The breadth of the program and the enormous resources of the University of Pennsylvania make Wharton a business school that can help you achieve almost any goal.”
NOT JUST A FINANCE SCHOOL
Despite being known for its finance program, Wharton has much more to offer. In recent year’s, the B-school has made significant investments in areas like entrepreneurship and technology
Tangen Hall is a prime example. A seven-story building across 68,000 square feet, it’s the largest student entrepreneurship hub in the world.
“It’s a significant new aspect of the school that gives credibility to Wharton and Penn in terms of supporting students who want to pursue a career in entrepreneurship while at school,” Penna says.
WHAT WHARTON’S ADCOM LOOKS FOR
Wharton takes a holistic approach when reviewing applications, which means it takes more than just high stats to get in. One particular trait Penna says Wharton seeks is professional maturity.
“They evaluate work experience not only in terms of years,” Penna says. “They’re also interested in the depth and breadth of the individual’s contributions to their work environment and level of responsibility and progression.”
Community is a big component of the Wharton MBA experience with much of the program being team-based. Demonstrating how you’ll contribute to the Wharton community is key.
“It’s being a part of this much larger organization than your learning team or cohort,” Penna says. “And you also want to explain how your unique experiences will shape the experiences of many of your fellow students, the program, and the overall institution.”
Sources: Stacy Blackman Consulting, University of Pennsylvania
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