Since you have a pharmD and an MBA, pursuing more school is a HUGE waste of time and money. Kelley is a prestigious business school and your pharmD experience should look extra competitive in the world of big pharma. Additionally, the ivy brand of a master’s degree is not as big as you think, maybe if it was an MFin from Columbia or MIT or something like that, but it’s not. Your applications are probably being overlooked since you’re actually overqualified for analyst roles. If you want to make it up the ladder in big pharma business your best bet is to jump from healthcare consulting to business development in pharma. Go on glassdoor and vault and research good healthcare consulting groups and apply as an experienced hire. You’ll be considered at an associate level at all groups and then can move to big pharma after a year or two of business strategy experience. The dream-job entry MBA positions are given mostly to the young MBA interns that did rotations with the company or rotations with a rival company. The experienced MBA roles are mostly given to the previous young MBAs (they move up) or are snatched from our rivals (also with previous experience).
At this point you need to think of opportunity cost. Every year you’re wasting in master’s programs which IMO isn’t going to help at all is a year lost of valuable work experience, salary, and money spent. Who knows, you might actually get that job you want in the next 6 months? But if you give up and start a master’s you will not, and when you finish your Master’s you may not get that position either, but you’re in a worse position because all that time and money is gone. I probably applied to 300+ different positions and interviewed with 20+ groups in pharma and healthcare ibanking/consulting before actually getting one offer… That’s the way things are now. I would recommend having someone go over your resume from the career office at Kelley and advise you with your situation. They’ll be way more helpful than responses on CC. There’s a reason why B-schools advertise their 6 month job placement rates, not everyone gets that job before graduation.