Pharmacists aid patients by giving them sound advice regarding the proper intake of medicine and its correct preparation. They dispense medicines according to the regulations set by the FDA health regulations. Average pharmacy salary is around $111,570 per annum. In order to be admitted into this type of profession, one must be able to exercise attention to detail since improper administration could result to detrimental effects, must also be able to determine possible drug interaction to the medicines prescribed, ability to communicate well with patients, and have an understanding of the pharmacology of medicines. Growth for the pharmacy profession sector is considered high with Bureau of Labor Statistics saying that there will be a change of about 25% from 2010 to 2020. The median pharmacy salary in its Occupational Outlook Handbook in 2010 is $111,570 per year or equivalent of $53.64 per hour.
Being in a job related to pharmacy will have several duties and responsibilities. One of the main tasks expected is the review and preparation of medications. They are not only able to read the written orders of the doctor but are also able to determine if some of these will have drug interactions. Pharmacy professionals will monitor drug therapies and will give interventions if necessary. They communicate not just with patients but also with health professionals alike to give the proper pharmacology on some medicines. If they are working for an entity, they are expected to perform administrative duties such as educating pharmacy technicians or interns on their job functions. The pharmacy professional is expected to comply with federal drug laws imposed by the state of board of pharmacy. This personnel must know which drugs are acceptable or not bound by the geographical location where he is practicing, including dispensing drugs that will require a prescription. Because of their knowledge not just on the medicines being administered but also of the health risks that come along with these, patients could also ask a pharmacy professional about general health such as diet, stress management and exercise. While most pharmacy professionals do work in retail stores that dispense drugs, some of these are working in a specialized field such as clinical pharmacist working directly with patients and consultant pharmacies who may give advice regarding insurance-related matters.
Pharmacy salaries and wages
Average pharmacy salary
Bureau of Labor Statistics reports that the average pharmacy salary is $111,570 annually or an hourly rate of $53.64. This job is expected to balloon by 25% from 2010 to 2020 where there will be an employment change of 69,700.
Pharmacy salary in USA
Most pharmacy graduates (approximately 65%) end up working in retail settings. Some are self-employed business owners. Only an approximate of 22% are working in hospitals while a few are engaged in online Internet pharmacies, work for the Federal government and practice as physicians. Before practice, all pharmacy graduates must be able to pass the North American Pharmacies Licensure Examination, also called NAPLEX.
The average pharmacy salary according to Indeed is $60,000. This may have some sort of discrepancy if you compare this to the data found in BLS which is $111,570. PayScale’s estimate is closer withy mean pharmacy salary of $112, 620. According to this website, pharmacy salaries recorded ranged from $81,371 to $133,331. Employer rates vary from one another. While you could be earning pharmacy salary rates of $49,068 to $137,517 when you are employed by CVS Caremark Corporation, rates in Walgreens on the other hand ranges from $77,023 to $124,519. Other employers have the following rates: CVS/ Pharmacy is $76,754 to $130,105; Target Corporation is $80,000 to $136,411; and The Kroger Company is $88,769 to $128,468.
It is possible to have a six-figure pharmacy salary with less than a year of experience. PayScale claims that those who just entered into this type of profession with less than a year of experience are earning salaries from $51,409 to $120,103. You will notice that while there is the potential to earn this high on the first year, you will only see incremental increases with more years of practice. Here is proof based on the pharmacy salary versus experience gathered by the website: 1 to 4 years is $51,166 to $123,667; 5 to 9 years is $72,414 to $130,039; 10 to 19 years is $89,280 to $132,338; and 20 years or more is $95,685 to $138,483.
Read more about pharmacist salary in different cities and states.
Pharmacy salary In Canada
In Canada, the practice of pharmacy profession will vary depending on geographical location, but generally, a Bachelor of Science in Pharmacy will be required. After this, the candidate will need to pass the exams offered by the Pharmacy Examining Board of Canada. Experience is necessary though internship or apprenticeship programs. It’s estimated that 80% of pharmacy professionals are working in community pharmacies.
WowJobs says that the average pharmacy salary in Canada is CA$83,188. In PayScale, however, this is recorded to be at CA$93,284. Furthermore, the website claims that basic pay is from CA$40,490 to CA$107,310. This could increase even further to rates of CA$60,695 to CA$115,875 if you add other cash benefits like bonuses as much as CA$8,877 and profit sharing of CA$250.00 to CA$20,500. In Living In Canada, the website estimates that pharmacy salary will be typically from CA$85,000 to CA$95,000. The highest hourly wage is earned in Alberta at the rate of $46.12 while the lowest is in Montreal, Quebec at $37.20.
Pharmacy salary in Australia
In comparison to other types of courses, new pharmacy graduates are said to be one of the lowest earners when they just enter into this type of career. Income in Australia for pharmacy professionals have not been ideal with rates having stagnated in the recent years and while growth may be desirable in the US market, the same cannot be seen in the Australian market where graduates are expected to have a hard time finding a decent job. According to PayScale, average pharmacy salary is approximately AU$68,000. Total pay could be anywhere from AU$49,051 to AU$87,186, inclusive of other cash benefits like bonuses as much as AU$3,477. Hourly rates recorded are from AU$24.45 to AU$40.39 while overtime pay on the other hand is AU$0.00 to AU$60.28.
Pharmacy salary in UK
In UK, pharmacy salary is expected to be ranging from £22,710 to £48,246 according to PayScale. When other cash benefits like bonuses that could amount to £4,072 and profit sharing of £983 are added to basic pay, total compensation rates are increased to £23,762 for up to £51,167. Pharmacy salary rates will definitely increase with more years rendered if you will compare the data of salaries of entry-level employees versus mid-level employees. While the former is receiving compensation packages of £21,437 to £45,837, the latter has higher rates at £28,530 to £54,298. Even bonuses follow the same trend with entry-level employees having rates of £3,939 while mid-level employees are receiving as much as £4,913.
Pharmacy salary in South Africa
In South Africa, the median pharmacy salary coming from the PayScale website is R397,672 per annum. Salaries received ranged from the scale of R205,780 to R566,727. Pharmacy salary increases with experience with those with 1 to 4 years of tenure receiving rates from R174,524 to R490,217 while seniors with 20 years or more are gaining from R236,283 to R598,020.
Pharmacy salary in New Zealand
Pharmacy employees in New Zealand are earning pharmacy salary rates ranging from NZ$44,062 to NZ$88,575, inclusive of cash benefits like bonuses that could go as high as NZ$1,021. Recorded mean wages in PayScale is NZ$65,675. Hourly rates are from NZ$28.45 to NZ$41.93, where the more experienced pharmacy personnel are earning better rates. For example, while those with 2 to 4 years of experience have hourly rates of NZ$28.72 to NZ$33.97, those who have been doing this for 20 years or more have rates ranging from NZ$34.39 to NZ$40.22.
Pharmacy salary in India
Basic pay for pharmacy professionals in India is from Rs 72,361 to Rs 593,917. PayScale claims that the median pharmacy salary is at Rs 174,198. Bonus and profit sharing may be received with these valued at Rs 50,507 and Rs 4,000 to Rs 65,000 respectively. Cash benefits like these will likely increase expected pharmacy salary to as much as Rs 73,517 to Rs 654,359.
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Pharmacy Education, Training and Certification
In order to enter into the pharmacy profession, one must at least have completed a postsecondary course first. These courses should cover sciences such as anatomy, biology or chemistry. Depending on the school offering the program, one needs to have at least a 2 to 3 years of undergraduate study while some will require you to have a bachelor’s degree. Aside from this, the candidate will also be required to take an admission exams. After passing these requirements, the next step is to get a Doctor of Pharmacy (Pharm.D.) degree. Make sure that you only get this from an accredited school. This degree will usually transpire for 3 to 4 years. Expect that you will be taking up courses related to pharmacology, medical ethics and on-the-job training that will be conducted in retail pharmacies or hospitals. After having completed this program, one can opt to enter into a field of specialization such as clinical pharmacy. Specializations such as these will mandate you to enter into residency of 1 to 2 years after taking up Pharm.D. For those who own their own retail stores, a master’s degree in business administration may be ideal. You can also get a degree in public health to further your studies.
Licensing will be required in all states. This will comprise of two exams. One will test your skills and knowledge in pharmacy while the other will cover specific topics on the pharmacy laws imposed by the state conducting the licensure examinations.
Conclusion about pharmacy salary
While BLS says that the pharmacy career may be promising to those living in the United States with the organization expecting a growth of 25%, this trend may not necessarily be true to other geographical locations such as in Australia. While average pharmacy salary may be $111,570 in the Unites States, Australia pharmacy professionals are only earning a median income of AU$68,000 considering that their currency rate is almost the same. Pharmacy salary is one of the highest in medical field.