Interprofessional education (IPE) helps fostering collaboration between pharmacy (PH) and medical (MD) students. However, the effectiveness of conducting IPE virtually has not been tested. This study aimed to evaluate the effectiveness of virtual IPE activity among PH and MD students. A pre-post analytical cohort study was conducted among second-year PH and MD students. The students were divided into groups, which consisted of both MD and PH students. The students from the two disciplines had to work on a clinical case and present it creatively. All the sessions were conducted virtually. The students’ team-based competencies were measured before and after the IPE activity using a self-administered Interprofessional Collaboration Competency Attainment (ICCA). Students’ responses were analyzed using a paired t-test in SPSS, version 26. P-value less than 0.05 was considered to show significant changes in the students’ competencies before and after attending the IPE activity. The mean competencies score of the students before the IPE was 97.8±25.2 and improved to 107.9±21.4 after the activity. A paired t-test showed a significant increase in competencies score, p < 0.05. More than half of the students (54.3%) had adequate team-based competencies after the virtual IPE activity. Online learning is not a barrier to cultivating collaboration and knowledge sharing between two disciplines, and virtual IPE was effective in fostering interprofessional experiential learning among students. As there is a lack of sustainable data and qualified faculties to fully address the implementation of IPE programs, this research can act as a guide to support the needs and identify the challenges around such implementation of IPE program in future academic curriculums.