Pharmacy is a lucrative and rewarding career, with pharmacists often earning more than professionals in many other healthcare fields. With this in mind, you may be wondering: How much do pharmacists make?
In this article, we’ll take a look at the average salary for pharmacists across the United States and explore factors that can affect the amount of money a pharmacist earns.
What Are Pharmacists, And What Do They Do?
Pharmacists are healthcare professionals who are responsible for preparing, dispensing, and monitoring medications. They use their knowledge of drugs and chemistry to advise patients on the safe and effective use of medications.
Pharmacists also collaborate with other healthcare professionals to ensure that patients receive the best care possible.
In addition to providing patient care, pharmacists also manage medication inventories, create protocols for dispensing medications, and manage a pharmacy’s finances (see also “How Much Do Pharmacy Techs Make?“).
How Much Do Pharmacists Make?
According to the Bureau of Labor Statistics (BLS), the median salary for pharmacists sits at around $117,000 per year, with entry-level positions often paying around $102,000 per year, increasing as the individual becomes more skilled and experienced.
There are a number of factors that can play a role in the amount of money that pharmacists earn, and these include:
Location
The geographic location of the pharmacy plays an important role in determining how much a pharmacist can earn. Generally speaking, pharmacists living in metropolitan areas tend to make more than those located in rural regions.
Experience And Education
While experience and education are not always a requirement to become a pharmacist, it is important to note that those who have higher levels of education and more experience often earn more than those who do not.
Area Of Specialization
Pharmacists may also specialize in certain areas, such as compounding medications or nuclear pharmacy, and these specialized pharmacists typically earn higher salaries than those who do not have a specialty.
Type Of Facility
The type of facility where the pharmacist works can also play a role in salary. Those working in hospitals tend to make more than those in retail settings, as hospital pharmacists often carry more responsibilities.
What Duties Do Pharmacists Have?
Pharmacists have a variety of duties, including:
Working With Patients
One of the biggest roles of pharmacists is to provide patients with advice on how to use their medications safely and effectively. This is an important job, particularly when it comes to helping patients understand how to use and store their medications correctly.
Checking Prescriptions
Pharmacists are also responsible for checking prescriptions to ensure that they are written properly and that the correct dosage is prescribed. This helps to reduce any potential errors in medication, which can have serious consequences.
Dispensing Medications
In addition to checking prescriptions, pharmacists must also dispense medications according to the prescription. This includes counting tablets, labeling containers, and providing patients with information on how to use their medications safely.
Monitoring Patients’ Medication Use
Pharmacists are responsible for keeping track of a patient’s medication use and ensuring that their medications are not conflicting with any other medications they may be taking. They must also monitor for potential side effects and adverse reactions to medications.
Providing Drug Information
Pharmacists are an important source of information for patients, providing advice on the proper use, storage, and disposal of medications. They also provide information on potential drug interactions and side effects.
Where Do Pharmacists Work?
Pharmacists typically work in both independent and chain pharmacies, as well as hospitals and clinics. They may also be employed by government agencies or pharmaceutical companies.
Regardless of the setting, pharmacists are responsible for ensuring that patients receive the correct medications in a timely manner.
In addition to providing patient care, pharmacists may participate in research and development projects related to medication safety and effectiveness. Of these, the highest salaries can typically be found in research and development positions.
The pharmaceutical industry, where pharmacists can earn up to $150,000 or more. This tends to be a specialized area, and most pharmacists do not earn this amount.
How Do I Become A Pharmacist?
Becoming a pharmacist requires extensive education, including completion of a Doctor of Pharmacy degree. Those interested in becoming a pharmacist should plan to complete at least 6–8 years of undergraduate and graduate study.
During this time, students learn about the medicines that are available and how they work, as well as medical terminology, drug interactions, and other aspects related to pharmacy practice.
It is important to note that pharmacists must be licensed in the state where they practice. Licensure requirements vary by state but typically involve completing a board-approved pharmacy program and passing an exam.
Can I Specialize As A Pharmacist?
Yes, pharmacists can specialize in their role, and some of the most popular specialties involve:
In-Store Pharmacist
This is probably the most lucrative specialization option for pharmacists, with an average annual earning potential of around $156,000.
In this role, you will typically work in a retail setting such as a supermarket or pharmacy and will be responsible for providing medication information to customers, filling prescriptions, and helping customers with over-the-counter medications.
Hospital Pharmacist
Hospital pharmacists are responsible for preparing medications for patients in hospital settings.
They also provide advice on drug interactions and side effects, as well as monitor drug use to ensure patients are taking their medications correctly. The average salary for hospital pharmacists is around $148,000 per year (see also “How Much Do Neurosurgeons Make?“).
Compounding Pharmacist
Compounding pharmacists specialize in creating custom medications to meet individual patient needs. This involves measuring, mixing, and compounding ingredients to create specific prescriptions.
Compounding pharmacists typically earn around $150,000 per year, making this a lucrative role.
Pharmacometrician
A pharmacometrician is a specialist who uses mathematical and statistical techniques to analyze data from clinical trials and other sources.
This helps to inform drug development and improve patient safety. The average salary for pharmacometricians is around $145,000 per year.
Final Thoughts
Overall, the salary of a pharmacist will vary depending on the type of position they hold. Those in research and development positions tend to have the highest salaries, while hospital and retail pharmacists also have lucrative earnings potential (see also “How Much Do Paramedics Make?“).
With the right education and experience, pharmacists can specialize in various roles and potentially increase their earning potential.
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