Navigating the Pharmacy Job Landscape: The HPD Pharmacy Salary Guide 2023

Welcome back to The Happy PharmD’s Pharmacy Salary Guide 2023. In this comprehensive guide, we will delve into key observations, salary trends, job satisfaction, and the evolving landscape for pharmacists. Below is a summary of the Salary Guide. Want more details? Click here to download it! https://thehappypharmd.com/pharmacist-salary-guide/

Key Observations:

1. Rising Salaries:
The U.S. Bureau of Statistics reports a steady increase in pharmacy salaries, jumping from $125,510 in 2019 to $129,410 in 2022.

2. Top-Paying Roles:
According to ZipRecruiter, management and healthcare roles take the lead, with Chief Pharmacists averaging $190,750/year, Long-term Care Pharmacists at $126,750, and Staff Pharmacists at $122,750.

3. Persistent Stress:
Despite salary growth, pharmacy remains a high-stress profession. An NIH survey indicates that 81% of pharmacists experience burnout, with 51% reporting a moderate to high probability of secondary traumatic stress (STS).

Salary Trends and Charts:

• • Overall Increase: Pharmacy salaries have consistently increased since 2020, as demonstrated by data gathered from reputable sources.
  • Experience Matters: Payscale.com’s data reveals an average $5/hr increase for pharmacists across all experience levels between 2022 and 2023. However, concerns arise about a comparatively low salary ceiling, with only a 12% increase after 15 years.
  • Job Sector Impact:Varied reports highlight the diversity in pharmacy job types. Pharmacy management in healthcare settings emerges as the highest-paying, while staff pharmacists in chain drug stores earn the least.
  • Recent Changes: In 2022, Drugchannels.net reported the first growth in average base salaries for pharmacists in three years, reaching about $124,000. Retail salaries experienced the fastest rate of growth, with hospital and non-retail settings also seeing increases.

Salary Averages and Ranges (June 2023):

• • Pharmacist: $149,104 (Range: $140,489-$158,817)
  • Pharmacist Manager: $166,962 (Range: $155,658-$176,981)
  • Assistant Pharmacy Director: $171,405 (Range: $162,737-$182,828)
  • Pharmacy Director: $195,497 (Range: $179,562-$214,273)

Regional Variations:

• • Top-Paying States for Pharmacists in 2022: California, Alaska, Oregon, Washington, Minnesota.

Challenges and Solutions:

• • Job Stress:
    • AACP’s National Pharmacist Workforce Study identifies top stressors, including workload, staffing levels, and fear of medication errors.
    • The 2023 Pharmacy Times Burnout and Mental Health survey emphasizes persistent burnout issues.
  • Job Satisfaction:
    • AACP’s study indicates 58% of pharmacists report high job satisfaction, but only 27% feel happy at work.
    • PayScale.com reports a 74% satisfaction score, while DrugTopics’ survey shows 67.6% satisfaction, with 42.4% considering a job change.

The Pharmacy Job Market and Future Prospects:

• • The U.S. Bureau of Labor Statistics projects a 2% growth in pharmacist employment from 2021 to 2031, creating about 13,600 openings annually.
  • New Grads:
    • The number of pharmacy graduates is gradually decreasing, with automation expected to double by 2030. This shift emphasizes the importance of pursuing specialized careers and staying adaptable.

Conclusion:

As you navigate the dynamic landscape of pharmacy careers, The Happy PharmD is here to support you. Whether you are seeking a new job or exploring options for a more fulfilling career, our experienced coaches are ready to guide you. Click here to connect with our team and take the first step toward a job you’ll love.

Thanks for reading and best of luck in your pharmacy journey!