The nation has a pharmacist shortage...with drugstores, hospitals, and clinics reporting 8,000 unfilled positions.
Starting salaries in some regions of the country are $100,000+...with some employers offering signing bonuses and paying relocation expenses. Says April Shaughnessy of the American Pharmacists Association, "We call it hyper-demand. I don't think that there's anyplace in the country where there's an oversupply."
Why the shortage? It's simple, really. Americans take a lot of drugs. 3.27 billion prescriptions were filled in 2004, or more than 11 prescriptions per American per year. The number of pharmacies has grown as well; with many supermarkets and retailers like Wal-Mart requiring round-the-clock staffing.
The shortage is not expected to dissipate any time soon. Quite the opposite, in fact. As the population ages, they will consume more drugs. Moreover, under Medicare's new plan, the government will pay pharmacists who counsel some patients and monitor their prescription drug use. One study predicts that the U.S. will need 400,000 pharmacists by the year 2020...that's double the current number.
The country's 89 pharmacy schools can't turn out graduates fast enough. Pharmacy colleges are expecting their own job squeeze, with faculty vacancies now at 11.5%...and expected to grow.
Pharmacist Resources. The national association is the "American Pharmacists Association". Online publications include: Pharmacy Times, and U.S. Pharmacist.
By the way, October is American Pharmacists Month. The industry plans a nationwide informational outreach initiative. As a financial advisor, it might be an opportune moment to begin your own campaign towards the pharmacist community in your region.
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