Location plays an equally significant role when calculating pharmacist salaries. Bureau of Labor Statistics statistics demonstrate this fact by showing that those working in California, Texas or any of the other high-paying states could expect to earn between $126.950 and $146,140 by 2021 while those in low-paying states would make between $95,660 to $119.250 annually; Georgia was estimated to offer an annual mean wage of $120.040 in 2021 making PCOM School of Pharmacy one of the highest paying metropolitan areas across the US.
In May 2021, according to BLS data, the median annual wage was $125.690. This amount is determined by multiplying an hourly wage rate times the number of full-time work hours over an entire year of 2,080 hours of operation.
According to BLS estimates, California will offer pharmacists the highest salaries in 2021; followed by Alaska, Oregon Washington and Vermont. New York-Newark Jersey City was identified as having the highest mean annual wage with $128.630 being average annual earnings.
What Do Pharmacist Actually Do?
Hospitals and medical clinics may employ pharmacists who will dispense medications directly to their patients. Hospital pharmacists must have an in-depth knowledge of both outpatient and inpatient medication prescriptions; this requires high attention to detail to ensure all prescriptions are filled accurately.
Pharmacists must not only be capable of filling prescriptions, but also identify which medication would best fit each individual patient. Furthermore, they must identify any mistakes doctors made when prescribing medications to patients. Before filling a new one, pharmacists should review existing medication the patient is taking to make sure there won’t be any harmful interactions; should any issues arise regarding its usage they should notify both doctors and patients immediately.
Most employers require candidates for this role to hold both a doctorate in pharmacy as well as years of hospital experience. It requires computer, interpersonal and communication skills – such as being able to converse with patients clearly and politely about medications – in addition to independence with minimal supervision required and working within teams as required. It is encouraged that pharmacists read relevant professional journals regularly as well as keep abreast of new drugs as part of keeping informed. In some cases they may train, coach or mentor other pharmacists.
What is the average pharmacist salary?
As of 2020, the average pharmacist’s salary is approximately $125,000. However, data from different sources can differ. This comes to about $60 per hour. The Bureau of Labor Statistics calculates that most pharmacists work 2,080 hours a year.
Pharmacy professionals in the United States earn more than healthcare professionals and the general population. The BLS reports that pharmacists earned a average salary in 2020 of $128.710. The median wage for “healthcare diagnosing and treating practitioners” (which includes respiratory therapists registered nurses and surgical technologists) was $84,430. In the United States, the median wage was $41,950.
The median annual salary is the average of all salaries for a profession. The median annual salary is the midpoint of the annual salaries of all employees in a given profession. The salary difference is night and day between a Pharmacy Technician and a Pharmacist.
How to earn more as a pharmacist
You can earn more money as pharmacist in several ways. Some ways to make more money as a pharmacist are as easy as working overtime. Other methods require you to think outside the box.
1. Work extra shifts
If they are available, pharmacists can work extra hours. It is one of the simplest ways to boost a pharmacist’s income. Hospital pharmacists are more likely than retail pharmacists to have the option to work overtime. Ask your employer how overtime will work for you if you’re on a salary. You might be compensated by your base salary plus a certain percentage or dollar amount after working more than 40 hours.
Most full-time staff pharmacist positions only allow a maximum of 40 hours a week, with no possibility for overtime. It is possible to find a part-time or PRN job in a hospital or independent pharmacies. Moonlighting for two to three days a month can be a big help. Check with your employer first to see if your contract contains a clause that prohibits you from working at another pharmacy.
3. Other projects to tackle
Sometimes, pharmacies are required to complete certain tasks or projects. Some of these tasks include formulary reviews at hospitals and patient education. Ask your supervisor or manager if there are any projects that you can do to earn some extra hours.
4. Earn a certification in a special area
Certifications can boost pharmacist qualification for different positions, or even promotion. Some employers will pay for the certification. The certifications include:
- Board Certified Pediatric Pharmacy Specialist
- Certified Diabetes Educators (CDEs)
- Board Certified Oncology Pharmacists (BCOP)
- Board Certified Nutrition Support Pharmacist (BCNSP)
- Certified Pain Education (CPE).
5. Join an advisory board
Advisory boards are used by many healthcare organizations to guide them in their strategic planning and success. Pharmacists are often able to provide advice and niche expertise to advisory boards. A pharmacist can earn extra income by joining an advisory board.
6. Teach a pharmacy class
Educators are often needed to teach in pharmacy programs, whether online or in person. With a little teaching experience, pharmacists are able to help pharmacy teach courses or contribute to programs that cover certain topics. Some teaching positions require additional certifications or previous teaching experience.
7. Other gigs are available
To supplement their income, pharmacists can take on other part-time or freelance jobs. Aspen RxHealth offers an app that allows pharmacists to complete comprehensive medication reviews remotely. Some companies provide telapharmacy and require pharmacists’ help.
Many people think that becoming a pharmacist is worth their time and money. The highest-earning pharmacy professionals earn a median salary of $164.980 per year and work in hospitals or institutions. Still, pharmacists can take on additional projects, increase their role, and earn more money than their base salary.
Typically, pharmacists earn less when they are working as residents or fellows. While working full-time, they could earn half the salary of a regular pharmacy. But sacrificing two years of hard work will have long-term advantages in terms of increasing maximum earnings potential. Please contact pharmtechedu.com if you have any questions about our courses.