With a reported average growth rate for pharmacists that lags behind other healthcare professions, it’s no surprise that many are concerned about the job outlook for pharmacists. The pharmacist job outlook is a concern among those entering or already in the field, as it’s essential to understand the long-term prospects in this profession.
Hospitals, clinics, and doctors’ offices are seeing value in having clinical pharmacists oversee medication and monitor patient responses. However, large-scale practice transformation will take time.
Job Outlook and Future Opportunities
The nationwide demand for pharmacists will increase due to hospitals and clinics requiring more staff to dispense medication and oversee procedures like blood sugar and cholesterol testing. The upcoming retirement of the baby boomer generation will also drive prescription drug use. Moreover, the rise in chronic conditions like diabetes needing medication for symptom management contributes to the pharmacist demand.
Nevertheless, certain pharmacy job prospects might decline due to online sales and closures of smaller stores like Fred’s, which shut down 80 locations. This could reduce pharmacist job availability and hamper job growth.
Many factors affect a pharmacist’s salary, including location, experience, type of employer, and hours worked. Typically, experienced pharmacists can command higher salaries. In addition, some pharmacists are compensated with benefits such as health insurance and vacation time. Despite the present pharmacist job outlook, it’s crucial to remember that careers are not permanent. Discovering a suitable fit early on ensures future stability. Numerous individuals change industries after a few years, exploring new prospects or seeking additional education.
As a result, having a diverse resume is crucial to ensure you always have multiple options when seeking employment or applying for a new position. For example, students can demonstrate their versatility through involvement in organizations and dual-degree programs, research or internships, or volunteer work. In addition, they can highlight skills such as organizational ability, communication abilities, leadership, and the ability to adapt to change.
Beyond a robust resume, aspiring pharmacists can ready themselves for the job market through networking and refining interview skills. Familiarity with specific pharmacy prerequisites, sought-after skills, and traits by employers is crucial. Adhering to these suggestions, aspiring pharmacists can confidently set their careers on the right trajectory.
Education and Training Requirements
Pharmacists, known for aiding patients in medication choices, offer expanding opportunities in leadership roles like pharmacy manager or director due to rising demand. Attaining proper education and training is imperative before pursuing such advancements. Becoming a pharmacist involves obtaining a PharmD, a specialized doctorate. This degree combines theoretical and practical learning. Typically, aspiring pharmacists study for four years to earn their PharmD, followed by a 1- to 2-year residency for hands-on experience in their chosen field.
Some specialized areas of pharmacy include clinical, hospital, and ambulatory care. There is a greater need for these specialties due to the fact that they focus on managing a patient’s overall medication therapy. Hospitals and clinics recognize the value of having these experts in-house to optimize drug efficacy and reduce overall costs.
The aging baby boomer population fuels increased demand for prescription medications. Innovations in the pharmaceutical sector are generating novel drugs with potential patient benefits. Moreover, numerous healthcare facilities are integrating in-house pharmacies to enhance convenience and reduce costs for patients.
As the industry continues to evolve, nimble pharmacists with various skills can thrive. For instance, telehealth has become an important part of pharmacy as it allows healthcare providers to monitor patients remotely in real-time. This type of interaction is especially useful for patients taking blood thinners or other medications that require regular monitoring.
Opting for a pharmacist career is ideal for those aspiring to impact healthcare and promote healthier lives. With a robust pharmacist job market, staying informed about prevailing trends is vital for securing a fitting role. A fulfilling and enduring pharmacy career can be achieved by remaining flexible and pursuing the necessary education.
Work Setting Options
The good news for people interested in becoming pharmacists is that plenty of opportunities are available. Whether you choose to work in a community pharmacy or a hospital, there will always be a demand for pharmacists to oversee and dispense medication. There will also be demand for pharmacists to provide healthcare services, such as administering injections and taking blood tests.
The pharmacist job market has decelerated recently due to an oversupply of pharmacy school graduates compared to available positions. The early retirement of older pharmacists with substantial assets contributes to this trend. Despite this, demand persists for pharmacists in conventional retail spaces, notably grocery stores, driven by the medication needs of the aging baby boomer demographic. Hospitals and clinics also require more pharmacists due to understaffing.
For those inclined toward business and numbers, a career as a pharmaceutical sales representative is an option. This role suits pharmacists with strong business acumen who can effectively promote medications to doctors and patients. Some institutions’ joint PharmD/MBA programs prepare students for pharmaceutical industry careers.
Another option for pharmacists is to become an independent prescriber. This is a great way to expand your career options further and earn an extra income. However, it is important to note that you will need to complete a six-month training program before becoming an independent prescriber.
Pharmacists can also work for the government’s Care Quality Commission (CQC). The CQC inspects hospitals and care homes and can offer a variety of interesting and challenging roles. If you are interested in pursuing this option, it is recommended that you register your interest online with the CQC to be kept updated on their current vacancies.
Salary
The demand for pharmacists is expanding, yet the Bureau of Labor Statistics indicates a modest growth in job openings. Over the next decade, positions are projected to increase by merely two percent, notably slower than the average for most occupations. Consequently, finding a position post-pharmacy school might be challenging. Nonetheless, the field presents diverse work settings, spanning hospitals, clinics, pharmacies, physician offices, and even call centers (such as pharmacists on poison control hotlines).
Pharmacists often face significant stress in their work. A recent NACDS survey revealed that 61.8% experienced heightened workloads during the pandemic, and 57% grappled with elevated stress levels. Consequently, many pharmacists are exploring alternative careers or contemplating leaving the field.
This shift can be attributed to specialized pharmacies with reduced support staff requirements, diminished job prospects due to chain mergers, and pandemic-related delays in retirements, causing some to remain in their roles. It’s important to recognize that these are just a few reasons motivating pharmacists to seek new opportunities.
Despite these challenges, it is still worth exploring the possibility of a career as a pharmacist. This is especially true for those with a strong interest in medication research and development and in the development of digital healthcare technology solutions.
Additionally, the salary structure is competitive with other industries. Glassdoor reports that the average annual salary for a pharmacist career path is $95,900, although this can vary depending on location, experience, and other factors. It is also worth noting that pharmacists can earn extra money through commissions, bonuses, and tips. Lastly, pharmacists can receive other benefits, including medical insurance, life and disability coverage, and retirement options.
