How much do pharmacists make? – Dollarsanity

Pharmacists are healthcare professionals responsible for the safe and effective distribution of medications to patients.

They work in various settings, including retail pharmacies, hospitals, nursing homes, and more. With the increasing demand for healthcare services, pharmacists are in high demand and can expect to earn a competitive salary.

According to the Bureau of Labor Statistics, the median annual wage for pharmacists in the United States is $145,944 as of November 23, 2022. However, the salary for pharmacists can vary based on location, type of employer, level of experience, and specialty. For example, pharmacists working in hospitals earn higher salaries than those working in retail pharmacies. Additionally, pharmacists who have completed advanced training or hold a specialty certification may earn a higher salary.

What is the average salary for pharmacists?

According to data from the Bureau of Labor Statistics (BLS), the median hourly wage for pharmacists in the United States is $70 as of November 23, 2022. However, it is important to note that this is just the median wage, meaning that half of the pharmacists earn more than this amount, and half earn less. The hourly wages for pharmacists typically fall between $66 and $75, with the top 10% earning more than $93 per hour and the bottom 10% earning less than $57 per hour. 

It is also worth noting that the average salary for pharmacists can vary significantly depending on factors such as location, employer, and experience level. Overall, the average salary per hour for pharmacists is a fairly competitive wage, reflecting the importance and complexity of their role in the healthcare industry.

Are pharmacists paid more than doctors?

On average, pharmacists earn a higher salary than other healthcare professionals, such as nurses and medical assistants, but not as much as doctors. According to the Bureau of Labor Statistics, the median annual wage for pharmacists is $140,000. On the other hand, the median annual wage for doctors is $240,000.

Compared to other healthcare professionals, pharmacists tend to have a higher salary than most allied health professionals, such as physical therapists and occupational therapists, but a lower salary than most medical professionals, such as surgeons and anesthesiologists. It is important to note that salary is not the only factor to consider when choosing a career in healthcare, as other factors, such as job satisfaction and personal fulfillment, can also play a role.

Are there any factors that can impact a pharmacist’s salary?

Several factors can impact a pharmacist’s salary:

• Education and training: A pharmacist’s salary may be influenced by their education and training level. Those with advanced degrees or specialized training in a particular area may command higher salaries.
• Experience: As with many professions, a pharmacist’s salary may increase with experience. Those with more years of experience may be offered higher salaries as they have demonstrated their skills and expertise in the field.
• Location: The location in which a pharmacist works can also affect their salary. For example, pharmacists working in large cities or metropolitan areas may earn higher salaries due to the higher cost of living.
• Type of employment: A pharmacist’s salary may also be impacted by their employment. Those working for large pharmaceutical companies or hospitals may earn higher salaries than those working in smaller, independent pharmacies. Additionally, those working in managerial or leadership roles may also earn higher salaries.

Are any benefits or bonuses offered to pharmacists besides their base salary?

Yes, there are several benefits and bonuses offered to pharmacists besides their base salary. These can include:

• Health insurance: Many pharmacists are offered health insurance as a benefit of their employment. This can include coverage for medical, dental, and vision care.
• Retirement plans: Many pharmacies offer their employees retirement plans such as 401(k)s or pension plans. These plans allow pharmacists to save for their retirement and receive a guaranteed income when they retire.
• Paid time off: Most pharmacists are entitled to paid time off, including vacation days, sick days, and personal days. This allows them to take time off for rest and relaxation or to care for themselves or their families.
• Continuing education: Many pharmacies offer continuing education opportunities to their pharmacists, allowing them to stay up-to-date on the latest developments in their field. This can include conference attendance, online courses, or in-house training.
• Bonus pay: Some pharmacies offer bonuses to their pharmacists based on performance or achievement. This can be a percentage of the pharmacist’s salary or a one-time payment.

Can pharmacists earn a higher salary by specializing in a particular area or obtaining additional certifications?

Yes, pharmacists can earn a higher salary by specializing in a particular area or obtaining additional certifications. Specializing in a particular area means focusing on a specific area of pharmacy practice, such as oncology, geriatric care, or pediatrics. This involves acquiring additional knowledge and skills in that particular area and completing additional training and education. This specialization can lead to higher salaries, as pharmacists with specialized knowledge and skills are often in high demand and may be able to negotiate higher salaries.

Obtaining additional certifications can also lead to higher salaries for pharmacists. Some examples of additional certifications that pharmacists may pursue include becoming a Certified Geriatric Pharmacist (CGP), a Certified Diabetes Educator (CDE), or a Board Certified Ambulatory Care Pharmacist (BCACP). These certifications demonstrate a pharmacist’s expertise in a particular area. They can also lead to higher salaries, as pharmacists with these certifications may be in high demand and be able to negotiate higher salaries.

Conclusion

Based on various sources, it is clear that pharmacists can expect to earn a decent salary. According to the Bureau of Labor Statistics, the average annual salary for a pharmacist in the United States is between $137,507 and $155,447.