Pharmacist market saturation and career outlook – An overview

One of the main obstacles that recent PharmD graduates face is the challenge of finding a job right out of school. Whether it is due to saturation or a lack of experience, the dynamic field of pharmacy appears to raise concern for many, and statistics appear to support this concern. According to the U.S. Bureau of Labor Statistics (BLS), which is responsible for publishing employment trends and projections, there is an estimated 3% decline in pharmacist employment between 2019 and 2029. While the career outlook of a pharmacist may vary by industry, it is quite evident that most of this decline comes from chain and independent pharmacies (Table 1).

Table 1. Employment projections for pharmacists in a retail versus non-retail setting.

Table 1 above accounts for 81% (or 259,000 of 321,700) of jobs that pharmacists have held in 2019, while the remaining 19% come from other industries that have a positive effect on the pharmaceutical workforce. A more detailed look at employment projections can be found here.

What can we take home from observing these statistics? The demand for pharmacists who work in non-retail settings, such as hospitals and ambulatory care facilities, is set to increase over the next decade as the number of jobs are expected to grow. Alternatively, all retail positions, which make up over half of all pharmacy jobs, is projected to take a significant hit and decline over the next 10 years. Why might this be the case? This branch of pharmacy is expected to expand the role of pharmacy technicians and transition to greater use of mail order and online pharmacies. For example, marketed as “a better, simpler pharmacy”, Amazon has expanded pharmacy by introducing their PillPack and in September 2020, launched its online pharmacy in India. This online service is free and allows patients to receive free delivery on their prescriptions and over-the-counter medications monthly, reducing the need to sort their meds, wait in line, or chase refills.

How could you respond and move forward?

  • Build connections: Use platforms such as LinkedIn to expand your social network and connect and communicate with those in the same profession. Reach out to your school’s alumni network as you already have a shared connection of your alma mater to start off the conversation.
  • Be comfortable with being uncomfortable: Often you may find more opportunities outside of your city or state of preference. While this may seem unfavorable to begin with, coming out of you comfort zone will always pay off.
  • Be innovative and embrace change: Demonstrate your passion for excelling the pharmacy profession and show your willingness to flourish. Opportunities will come by with the right mindset.

As always, best of luck!

Sam Tamjidi

RxPharmacist Team

References: Pharmacists: Occupational Outlook Handbook. (n.d.). Retrieved September 09, 2020, from https://www.bls.gov/ooh/healthcare/pharmacists.htm

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