Pharmacy is a respectable and rewarding career choice. It is a great way to put your love for science to practice for the benefit of mankind. According to the Bureau of Labour Statistics (BLS), the median annual wage for pharmacists was $122,230 in May 2016, and it has tremendously grown ever since.
However, like any other profession, your salary as a pharmacist will depend on many factors, including years of experience, level of education, type of employer, and geographic location.
Additionally, pharmacists with advanced training and certification land high-paying jobs. For instance, those with a Doctor of Pharmacy (Pharm.D.) degree and specialized training in nuclear pharmacy or pharmacotherapy work in multinational organizations with tremendous career progression opportunities and rewards.
This article discusses how much money you can expect to earn as a pharmacist based on your skills, qualification, and experience.
What Is A Pharmacy Degree Important?
A pharmacist is a healthcare professional responsible for dispensing medication to patients. In addition, they are required to provide necessary information on the proper usage of the medication, side effects, and any potential interactions with other drugs.
Pharmacists are also responsible for managing the drug formulary of a hospital or insurance company. This involves working with physicians to determine which drugs are covered by the formula and ensure that the medications are affordable for patients.
To become a pharmacist, you are required to acquire a Doctor of Pharmacy (Pharm.D.) degree from a reputed medical or pharmacy school. This pharmacy degree typically takes four years to complete.
After graduating from pharmacy school, you must clear the North American Pharmacist Licensure Exam (NAPLEX). Once you have passed the NAPLEX, you can apply for a state license.
Some states also require pharmacists to complete an additional exam known as the Multi-State Pharmacy Jurisprudence Exam (MPJE). A Pharmacy technician certification is not necessary to become a pharmacist, but it may be beneficial. You can also take online pharmacy classes from Superprof for assistance in your pharmacy degree and licensing exams.
Once you have met all the requirements, you will be able to practice as a licensed pharmacist.
What Are The Different Types Of Pharmacists?
There are many types of pharmacists, each with its own unique responsibilities and earning potential.
Let us discuss what you can do with a degree in pharmacy and the career options available post-graduation.
Community Pharmacist
A community pharmacist dispenses medication to patients at a retail pharmacy. They may also provide immunizations, health screenings, and advice on leading a healthy lifestyle.
Hospital Pharmacist
A hospital pharmacist works in a hospital or other healthcare setting. They are responsible for dispensing medication to patients and providing information on the proper usage of the drug and any potential side effects.
Clinical Pharmacist
A clinical pharmacist works closely with physicians and other healthcare professionals to ensure that patients receive safe and effective drugs. They may also research new medicines and pharmacotherapies.
Pharmacy Manager
A pharmacy manager is responsible for the overall operation of a retail pharmacy or hospital pharmacy. It includes supervising employees, ordering inventory, and ensuring that the pharmacy's operations comply with State and Federal regulations.
Compound Pharmacist
A compounding pharmacist prepares customized medications for patients. It may involve using different drugs together or altering the form of the medicine (e.g., turning a pill into a liquid).
Nuclear Pharmacist
A nuclear pharmacist dispenses radioactive drugs used in nuclear medicinal procedures. They must also follow strict safety protocols to protect themselves and their patients from harmful radiation exposure.
Pharmacotherapy Specialist
A pharmacotherapy specialist is a clinical pharmacist specializing in treating chronic diseases. They work closely with medics and doctors to manage the patient's medication regimen and provide education on safe usage and disease prevention.
Research Pharmacist
A research pharmacist conducts clinical trials of new medications. They develop new methods of manufacturing and dispensing drugs. Additionally, research pharmacists offer pharmacy classes in universities and higher education institutes.
How Much Do Professionals With Pharmacy Degrees Earn In The United States?
According to the Bureau of Labor Statistics, the median annual wage for pharmacists was $122,230 in May 2016. The lowest 10 percent earned less than $86,790, and the highest 10 percent earned more than $157,950.
In addition to their salaries, pharmacists receive bonuses, profit sharing, and incentive pay. Some also earn commissions on the sale of pharmaceutical products.
Those employed in pharmacies that are part of large retail chains may also receive additional benefits such as health insurance, paid vacation time, and retirement plans.
Pharmacists who own their own dispensaries may also earn income from the sale of the business when they retire. They can sell medicines, medical equipment, and other items required in hospitals.
In general, people who have jobs with pharmacy degrees can expect to earn a good salary. However, the earning potential will vary depending on various factors.
The average salary for a pharmacist in the United States is $116,670 per year, which is higher than the median household income of $51,017. Students and professionals in the United States often look for local academic support, for example through chemistry tutor near me.
Entry-level pharmacists are expected to make around $80,000 per year, while experienced pharmacists can earn up to $140,000 monthly. The highest-paid pharmacists tend to work in hospitals or other significant medical facilities with annual salaries of $160,000 or more.
Pharmacists in the United States typically receive health insurance and additional benefits from their employers. A pharmacist with a salary of $116,670 and benefits worth $20,000 would have an annual total payment of $136,670.
If you are considering a career in pharmacy, you can expect to earn a good salary. However, earnings potential is just one factor to consider when choosing a career; you should consider job satisfaction, career security, and work-life balance to lead a successful career in the field of pharmacy.
Factors That Affect Pharmacist Salaries
A number of factors affect the money you can make as a pharmacist:
| Factors | Description |
|---|---|
| Geographic Location | Pharmacists in large cities tend to earn more than those who work in smaller towns or rural areas. It is because there is a higher demand for pharmacists in larger metropolitan areas. |
| Type Of Employers | Pharmacists who work for hospitals or other extensive medical facilities tend to earn more than those who work in retail pharmacies. |
| Years Of Experience | As in most professions, pharmacists with more experience tend to earn more money than those just starting out. |
| Educational Background | Pharmacists who have completed advanced training or have a specialized degree (such as a Pharm.D.) will earn more than those who do not. |
| Professional Certification | Pharmacists who are certified by the Board of Pharmacy tend to earn more than those who are not. |
| License | All states require pharmacists to be licensed in order to practice. Some states may have additional requirements, such as passing a state-specific exam. |
If you wish to lead a successful career as a pharmacist, it is essential to look into the salary ranges in your specific geographic area. You can use online salary tools, such as the one provided by the Bureau of Labour Statistics, to get an idea of what pharmacists in your area are generally paid.
Besides, you can talk to pharmacists in your area to get a better idea of the earning potential in your specific field.
How Do I Prepare For A Salary Negotiation?
As the cost of living continues to rise, more and more people are struggling to make ends meet. One way to ease the financial burden is to negotiate your salary if you work in the pharmacy field. If you have the required qualifications to practice as a pharmacist, you can negotiate your salary based on your skills.
Here are a few tips to help you get started.
Before you begin negotiations, it is essential to research and determine the average salary for your position and experience level. This will give you a good starting point for negotiations.
In addition to researching the average salary, you should also take some time to think about your own worth. What are your unique skills and experiences that make you valuable to your organization?
When you go into negotiations, be prepared to articulate why you deserve a higher salary. Once you start with the negotiations, starting on a high note is vital. This will give you some room to negotiate down if necessary. However, don't start so high that you price yourself out of a job.
In many cases, both parties will need to compromise in order to reach an agreement. If you are not willing to budge on your salary demands, you may find yourself without a job.
If negotiations reach an impasse, do not be afraid to walk away. Sometimes, the best way to get what you want is to show that you are willing to walk away from the deal.
With these tips, you will be better positioned to negotiate a higher salary. Remember, it is essential to do your research and know your worth before beginning any negotiations.
Is There A Good Future In A Pharmacy?
Recently, there has been an increase in demand for pharmacists around the world. Besides the outbreaks of viral diseases, the growth in the number of patients taking medications for multiple conditions simultaneously has necessitated the presence of pharmacists in every healthcare sector.
As a result, pharmacists are playing an increasingly important role in patient care. They are often the first point of contact for patients with questions about their medications.
In addition, pharmacists are often responsible for monitoring patients' drug regimens and making sure that they are taking their medications correctly.
The increased responsibilities of pharmacists will likely lead to a corresponding increase in salaries. In fact, the median salary for pharmacists has already risen by more than 9% since 2010. Today, the median salary for pharmacists is $120,000 per year.
The future of pharmacy is likely to be very different. As the population ages and the prevalence of chronic conditions increases, the demand for qualified pharmacists will continue to rise.
This trend is likely to result in further increases in salaries and benefits for those who choose to enter this rewarding profession.
Tips To Become A High-Paid Pharmacist
If you want to become a high-paid pharmacist, there are a few things you can do to increase your chances of success.
First, it is crucial to get a good education. A pharmacy degree from a reputable school will give you the knowledge and skills you need to be successful in this field.
In addition, stay up-to-date on the latest developments in pharmacy. Keeping abreast of new medications and treatments will make you more valuable to your employer.
Finally, it is essential to be willing to work hard. Pharmacists typically work long hours and often have to work weekends and holidays. However, the rewards can be great financially and in terms of job satisfaction.
Want To Master Your Pharmacy Classes With Superprof?
Pharmacists are in high demand due to an aging population and an increase in chronic and viral conditions. They have unique skills that are valuable to various industries besides healthcare. If you need subject help, you can find local options such as chemistry tutor near me.
Today, the median salary for pharmacists is $120,000 per year, and this figure is likely to rise in the future. If you are interested in learning more about pharmacy, Superprof can help you get started.
Superprof offers online courses and tutoring services from experienced professionals who can help you top your pharmacy classes and start your career on the right foot. Keep in mind also that high school chemistry lessons provide the knowledge and skills needed for future pharmacy endeavors.
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