Will the Pharmacy Bubble Really Burst?
So far, the market has absorbed the increasing number of pharmacy graduates, but some wonder when the pharmacy bubble will burst.
Pharmacists have witnessed the explosion of new pharmacy schools and subsequent growth in the number of pharmacy graduates. So far, the market has absorbed these graduates, but some wonder when the pharmacy bubble will burst.
According to the American Association of Colleges of Pharmacy (AACP), the number of pharmacy graduates was 13,838 in 2014, up 84.8% from 7488 in 2003. The AACP also projects that number will grow to 15,632 by 2017.
Nevertheless, pharmacists at brick-and-mortar, mail-order, and specialty pharmacies earned annual salaries averaging more than $119,000 in 2014, which suggests the growth in the number of pharmacy graduates has not yet impacted pharmacist salaries.
I am optimistic that pharmacists will continue to be in demand and new graduates will find jobs, even as their numbers increase. Of course, this is based on my feelings, rather than hard data.
How do you feel about your future in pharmacy?