Pharmacy pay renews surge
NEW YORK —When it comes to operating retail pharmacies, pharmacists are still in the driver’s seat. The pay rate for pharmacists continues to surge beyond the six-figure threshold, according to the 2008 Pharmacy Compensation Survey from Mercer, a research and consulting firm. Behind the seemingly unstoppable rise in salaries is an inescapable economic reality: the demand for pharmacists continues to outstrip the supply emerging from the fewer than 90 U.S. pharmacy schools graduating new professionals each year.
The newest Mercer survey shows a 5.8 percent rise from 2007 levels in the average salary, including bonuses, for a retail staff pharmacist, to $108,700. Other pharmacists also experienced a year-over-year increase in pay including hospital pharmacists, who saw an average pay hike of 6.5 percent, and clinical pharmacists, whose pay rose an average of 5.2 percent.
The position of pharmacy team manager showed the strongest growth, up 8.1 percent.
“The ongoing shortage of pharmacy professionals continues to drive up pay,” said David Dross, principal with Mercer’s managed pharmacy benefit business. “With the need for more pharmacists growing as baby boomers age and need more medications, pharmacy operators are continuing to raise salaries to attract pharmacists and remain competitive.
“In addition to the demand for pharmacists outpacing the available talent pool, other factors, such as the number of outlets offering pharmacies and greater opportunities in terms of environment, type of work and flexible schedules, have contributed to higher salaries for pharmacy professionals,” Dross added.
Average pay ranged from a high of $118,000 a year in San Jose, Calif., to cities like Omaha, Neb., where the average was $97,200, according to Mercer.
Pharmacist, technician compensation| Job Title | 2008 | 2007 | 2006 |
| Pharmacy Team Manager | $118,000 | $109,200 | $104,300 |
| Staff Pharmacist—Retail | 108,700 | 102,800 | 98,600 |
| Staff Pharmacist—Hospital | 105,200 | 98,800 | 95,600 |
| Clinical Pharmacist | 105,000 | 99,800 | 93,900 |
| Pharmacy Technician | 23,000 | 22,500 | 21,800 |
Fueling the steady rise in pay is a workload—and with it the need for staff pharmacists—that is rising faster than the available talent pool. “Between 2004 and 2010 the supply of all community pharmacists is expected to increase only 7.8 percent, versus an estimated 27 percent increase in number of prescriptions dispensed…from 3.27 billion in 2003 to over 4.1 billion in 2010,” noted the National Association of Chain Drug Stores.
As of early 2007, 3,904 chain pharmacist positions were open and unfilled, according to NACDS research, including openings for 3,579 full-time staff and 325 part-timers.
The Mercer survey, conducted semi-annually, contains detailed information on pay levels and pay practices for pharmacy personnel reported in more than 380 metropolitan areas across the United States. Survey participants include major retail pharmacy operators (drug store and supermarket chains), as well as mail-order/online pharmacy firms and hospitals/healthcare systems. The survey reflects data submitted by 172 organizations covering more than 242,120 pharmacy employees in 23 different jobs. Supporters of the survey include such retailers as CVS, Kroger, Longs, Rite Aid and Walgreens.