Mercer Survey Finds Demand for Pharmacists ‘Skyrocketing’
(Washington, DC)—An aging population, growing numbers of retail pharmacies, and new medications are driving a “skyrocketing” demand for pharmacists, according to a new survey released yesterday by Mercer Human Resource Consulting. These data are the latest to suggest a robust job market over the next ten years for pharmacists in chain drugstores, supermarkets, independent pharmacies, hospitals, and mail-service pharmacies, the Pharmaceutical Care Management Association (PCMA) said today.

“There’s no doubt about it — pharmacy is one of the nation’s hottest professions,” said PCMA President Mark Merritt. “All pharmacies â?? chains, independents, and mail-services pharmacies â?? are competing hard to fill open positions and entice pharmacists to join their ranks. With an aging population, ever-expanding numbers of drugstores, and increased reliance on prescription drugs, the long-term growth prospects for pharmacists are robust and strong.”

The new survey, 2006 Pharmacy Compensation Survey—Spring Edition, found that the strong demand for pharmacists and related professions is driving income levels higher as pharmacies compete to fill positions. According to the survey, the expected 2006 median total cash compensation for a staff pharmacist is $98,300 compared to $93,300 in 2005, an increase of 5.4 percent. Similar increases were also seen for other related pharmacy professions, including pharmacy operations managers, pharmacy team managers, clinical pharmacists and technicians, and recent pharmacy graduates. Since 2004, the average total cash compensation for staff pharmacists has increased by nearly $10,000. The Mercer survey contains detailed information on pay levels and pay practices for pharmacy personnel reported in more than 380 metropolitan areas across the United States.

Numerous other data and reports suggest that the pharmacy profession is a growth opportunity:

Bureau of Labor Statistics. A recent report from the US Department of Labor’s Bureau of Labor Statistics (BLS) found that pharmacists enjoy “high salaries and good job prospects,” and that employment of pharmacists is expected to grow “faster than average through 2014,” due in part to “coverage of prescription drugs by a greater number of health insurance plans and Medicare.”[1]

Money Magazine/Salary.com Survey. In April 2006, Money magazine and Salary.com released their annual list of Best Jobs in America and ranked “pharmacist” at number 9. According to the report, the pharmacist profession can expect ten-year job growth prospects of 25 percent. In addition, it notes that “demand for pharmacists is exploding as the population ages and new medications are developed. By 2010 the number of prescriptions filled is expected to rise 27 percent to 4.1 billion.” The report added that “Pharmacists are in such demand that graduates today can expect multiple job offers, signing bonuses and $90K-plus salaries.”[2]

NCPA â?? More Drugstores, Higher Sales. While the Mercer survey examined growth in the job market for retail pharmacies, recent data confirms this robust growth is also being experienced by independent pharmacies. According to the National Community Pharmacists Association (NCPA), prescription volume and sales are up at independent pharmacies, and the number of independent pharmacy stores is on the rise.[3] Independent pharmacy owners earn more than $200,000 per year in discretionary profit per store, with many independent pharmacists owning several stores.

AACP. According to the American Association of Colleges of Pharmacy (AACP), the US could face an estimated shortage of 157,000 pharmacists by 2020. However, the AACP also notes that interest in the pharmacy profession continues to grow, with record numbers of candidates graduating with a doctor of pharmacy degree in 2004.[4]
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PCMA is the national association representing America’s pharmacy benefit managers (PBMs), which administer prescription drug plans for more than 200 million Americans with health coverage provided through small businesses, Fortune 500 employers, health insurers, labor unions, and Medicare.

[1] Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2006-07 Edition, Pharmacists, available at http://www.bls.gov/oco/ocos079.htm

[2] “Money Magazine and Salary.com Announce the Best Jobs in America,”
April 12, 2006. Available at http://money.cnn.com/magazines/moneymag/bestjobs/?cnn=yes

[3] National Community Pharmacists Association, “Number of Independent Pharmacies on the Rise,” April 28, 2006, on the Internet at http://www.ncpanet.org/news_press/press_releases/2006/
number_of_independent_pharmacies_on_the_04-28-2006.shtml

[4] American Association of Colleges of Pharmacy (AACP), “New Report Reveals Interest in Pharmacy Remains as Enrollment Continues to Grow,” Press Release, March 14, 2005. Available at http://www.aacp.org/site/tertiary.asp?TRACKID=&VID=2&CID=1192&DID=6879

Contact Information:
Phil Blando, 202-207-3614
Charles Coté 202-207-3605