Pharmacist salaries vary depending on several factors, including location, years of experience, and the type of pharmacy in which they work. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for pharmacists in the United States was $128,090 in May 2020. This means that half of pharmacists earned more than this amount, while the other half earned less.
The lowest 10% of pharmacists earned less than $87,820 per year, while the highest 10% earned more than $161,250 per year. The median annual wage for pharmacists in the top industries in which they worked was as follows:
- Outpatient care centers: $129,400
- General merchandise stores: $129,020
- Grocery stores: $128,620
- Other general merchandise stores: $127,670
- Department stores: $127,670
Factors that can affect a pharmacist’s salary include the type of pharmacy in which they work, such as whether it is a retail pharmacy, a hospital pharmacy, or a long-term care facility. Pharmacists who work in hospitals or other healthcare settings may earn higher salaries due to the specialized nature of their work and the potential for overtime pay.
Education and experience are also important factors in determining a pharmacist’s salary. Most pharmacists have a Doctor of Pharmacy (PharmD) degree, which typically takes four years to complete. Some pharmacists also have a Master of Science in Pharmacy (MSP) or a Bachelor of Science in Pharmacy (BSP) degree. In general, pharmacists with advanced degrees or additional training may have higher salaries.
Pharmacists who have been in the field for several years may also have higher salaries than those who are just starting out. According to the BLS, the median annual wage for pharmacists with 1 to 4 years of experience was $118,470, while the median annual wage for those with 5 to 9 years of experience was $128,020.
Overall, the demand for pharmacists is expected to be strong in the coming years due to an aging population and an increase in the number of prescription medications being prescribed. This could lead to an increase in pharmacist salaries in the future.