An important consideration when choosing a profession—especially in today’s economic climate—is its earning potential. In this article, I'll guide you through the following question: How much does a pharmacist make?
As pharmacists, we make a good living.
Before exploring salaries and picturing yourself in a role, you should know the hurdles. Pharmacy school is a lengthy process; becoming a pharmacist requires years of training. Once that training is finished, you certainly want to ensure you are rewarded for those years sacrificed to earn your pharmacy degree. The salary, or the amount paid to the employee by the employer, is typically an annual salary.
This is the amount you will earn over the entire year. Sometimes, a pharmacist's salary is earned hourly, which can then be converted to an annual salary if the average hours worked per week and the total number of weeks worked per year are known. An annual salary is based on an hourly rate; however, it is estimated since it doesn’t account for overtime hours or an increased overtime or weekend / nightly rate.
The average pharmacist's salary can vary greatly depending on how experienced you are, where you live, and role. According to the Bureau of Labor Statistics, as of 2022, the median salary in the United States was $132,750. Those in the 90th percentile (your salary is higher than 90 out of 100 pharmacists) earn over $160,000 yearly, while those in the 10th percentile (90 out of 100 pharmacists earn more than you) earn under $125,000 yearly.
In general, an entry-level pharmacist (a recent PharmD graduate) could earn less than the median salary, while a more experienced pharmacist with perhaps a unique skill set could expect to earn greater than the median salary. This salary range will vary from pharmacist specialties.
Below are some of the most common pharmacist jobs and expected earning potential.
The Retail Pharmacist: Salary Estimates
Currently, almost 60% of all pharmacists in the US work in a retail setting. This is the traditional community pharmacist who works in your neighborhood pharmacy. This could be a large-chain pharmacy such as Walgreens or CVS/Caremark or an independent or family-owned pharmacy. This also includes pharmacists in grocery stores or supermarket chains, such as Krogers or Walmart. While neighborhood pharmacies make up the majority of retail pharmacies, almost 10% of pharmacists in retail settings now work in grocery stores or supermarkets. This percentage is expected to grow in the coming years.
Retail pharmacy is the most common job for new pharmacy school graduates. The median salary for a retail pharmacist is over $150,000, with only 10% earning less than $140,000 and most making between $145,000 and $160,000. Throughout the years, the retail pharmacist has been one of the highest-paying positions for pharmacists. Many new graduates will receive starting salaries greater than $140,000 or more, depending on where they live.
The Hospital Pharmacist: Salary Estimates
This setting is the second most common of the pharmacist jobs, with over 30% of all pharmacists working in the hospital setting.
Unlike retail pharmacies, which are trending towards consolidation and shrinking job opportunities, hospital pharmacists are expected to be in greater demand in the coming years. While securing a job as a hospital pharmacist as a new graduate from a pharmacy program may be challenging in a more extensive health system or teaching hospital, it is still possible in smaller or rural community hospitals.
A one—or two-year residency after pharmacy school may be necessary for an entry-level pharmacist position in a teaching hospital offering more specialized pharmacy care. While the starting salary of a hospital pharmacist may not be as competitive as that of a retail pharmacist, a hospital pharmacist typically has more upward mobility and a higher earning potential over time. The median annual salary of a hospital pharmacist is around $140,000, with the middle 50% percentile ranging from $135,000 to $150,000.
A hospital pharmacist can be a staff pharmacist who works in a centralized inpatient dispensing pharmacy or a clinical pharmacist who is embedded within the healthcare team and engages in daily patient rounds. Many hospital systems also have hybrid roles. Due to specialization and shift differentials, these positions can be highly variable.
For example, it’s not uncommon for a night-shift pharmacist with a similar responsibility to earn $7-$10 per hour more than a day-shift pharmacist with a similar responsibility. Also, larger hospital systems typically have more specialized clinical pharmacists who service specific patient populations, such as cardiology pharmacists, transplant pharmacists, oncology pharmacists, critical care pharmacists, and psychiatric pharmacists. These specialized positions often require more experience and board certification and, as a result, demand higher pay than other hospital pharmacist positions.
The Pharmacy Manager
All retail pharmacies have a manager or pharmacist who typically oversees the general store-specific pharmacy operations. This licensed pharmacist will oversee the pharmacy technician (pharmacy tech) team. There are also regional retail pharmacy managers who oversee multiple stores within a given region. Similarly, hospitals have pharmacy supervisors who oversee various areas of the pharmacy, such as pharmacy operations, clinical operations, and medication safety. These roles may be for experienced pharmacists and/or require advanced degrees such as a Master’s in Business (MBA) or Hospital Administration (MHA).
There are also pharmacy residency programs (often 2 years) geared towards administration in the retail or hospital setting. Not surprisingly, pharmacy managers have higher salaries, with larger opportunities for performance bonuses and a greater salary range with a higher ceiling. These positions have a median salary of approximately $160,000 and typically start at no less than $140,000. Pharmacy managers or supervisors can see salaries in excess of $175,000.
The Online or Mail Order Pharmacist
This pharmacist works for an online retailer or mail-order retailer. Most large chain retail pharmacies have an associated mail-order pharmacy that typically will send out 90-day supplies of maintenance medications. You wouldn’t want to use this pharmacy to get your antibiotic, but if you’re on a daily high blood pressure medication that may only change in dose once yearly, you will likely utilize a mail-order pharmacy. These pharmacists may have licenses in more than one state, but they typically carry out similar responsibilities as that of a traditional retail pharmacist. The average salary for an online or mail-order pharmacist is approximately $135,000, with most pharmacists with this job description making between $130,000 and $140,000 annually.
The Compounding Pharmacist
These pharmacists work in compounding pharmacies and are responsible for making suspensions, gummies, suppositories, or other dosage forms that are not commercially available. They must follow strict safety protocols to ensure that the medications that they make are free of bacterial contaminants and are highly pure. Special training is typically involved in preparing these pharmacists to practice in this unique setting. A median salary for a compounding pharmacist is approximately $130,000, with most making between $120,000 and $140,000 annually.
The Nuclear Pharmacist
This pharmacist specializes in the preparation and handling of radio-labeled or nuclear medicines for diagnostic or treatment purposes. Special training and board certification are typically required for this niche practice area. Nuclear pharmacists can expect to make between $120,000 and $160,000.
The Ambulatory Pharmacist
Similar to a clinical pharmacist in the hospital setting, these ambulatory care pharmacists typically provide clinical services in the community or clinic. These pharmacists may work alongside physicians in clinics or doctor’s offices and may play a vital role in managing diabetes, asthma, blood-thinning, or HIV/AIDS medications. Ambulatory pharmacists often counsel patients and provide education on the administration of self-injectable medicines for a wide range of diseases and disorders. These pharmacists may also hold academic positions at a college of pharmacy and may split time between academia (teaching pharmacy students) and pharmacy practice (working in an ambulatory setting). The median salary of an ambulatory pharmacist is approximately $130,000.
The Homecare Pharmacist
This pharmacist works in a homecare pharmacy and is responsible for getting medications to a patient’s home that are typically administered by a homecare nurse. These are usually injectable medications that may need to be given over several hours and may need monitoring by nursing to watch for reactions to the drug being administered. The homecare pharmacist has a median salary of approximately $135,000; most earn between $130,000-$140,000 per year.
The Long-Term Care or Managed Care Pharmacist
These pharmacists specialize in patients in long-term care facilities or managed care facilities. Their median salary is approximately $130,000.
The Non-Traditional Pharmacist Salary
The above pharmacist positions represent the most common job types held by pharmacists. However, 5-10% of people with a PharmD degree don’t practice in the traditional setting. These pharmacists may work in research for a pharmaceutical company, for government organizations such as the CDC or FDA, as consultants, or as medical writers. Check out our guide to learn more about alternative career paths for pharmacists.
Some positions may be in well-established companies, while others may be in biotech or tech startups with high risk and rewards. There is significant variability in the median salary of these positions.
