By Christian Erickson and Ben Urick PharmD
In the year 2000, pharmacy job openings could be found in every region of the nation, and with the PharmD as the new standard for graduating pharmacists, opportunities seemed limitless. To meet the demands of enhanced education requirements and the need for more pharmacists, the number of pharmacy schools increased dramatically. Fifteen years later, the pharmacy market is reaching a saturation point, fueled by overestimations of job growth and pharmacy schools failing to adapt to the sluggish job market.
The pharmacy community is facing market saturation, and this cannot be rectified until pharmacists transition from dispensing activities to patient-centered care roles, and student enrollment begins to more closely match job demand. The market is very competitive for new graduates, but jobs will still be available. We are confident that gaining provider status can help secure our future and ensure our success as the job market stabilizes.
Reimbursement issues
In 2001, the Pharmacy Manpower Project, Inc., predicted that the need for pharmacists would far surpass the supply of pharmacists by the year 2020. Unfortunately, projected needs do not always match demands.1 The prediction noted that demand for pharmacists would be strongly associated with a payment system for pharmacy services. If pharmacists cannot get paid for services they can provide, then there will not be opportunities to provide those services regardless of patients’ needs.2
Reimbursement methods for services have been tested, but policy changes, such as giving pharmacists health care provider status, are moving at a slower than expected rate. Without legislative change, such as the current provider status bills, it is exceedingly difficult to reimburse pharmacists for clinical skills. We see a continued focus on dispensing medications instead of patient centered care.1
Challenges and opportunities
Even with increasing pharmacy demand from aging baby boomers and new practice opportunities stemming from the Affordable Care Act, the job market will not be large enough to accommodate the number of new graduates.
Universities need to consider the current job market before deciding to open a new PharmD program or expanding an existing one. Institutions should also consider reducing class sizes if the job market remains bleak.1 If schools continue to expand enrollment, market force corrections will be arduous.
Regardless of the naysaying and pessimism about the job market, the majority of pharmacy colleges will have job placement rates higher than that of most other majors and professions.3,4 New pharmacy graduates will still see job opportunities, but residencies and other postgraduate options may be appealing to those who wish to set themselves apart in a more competitive market.1
There are many challenges that lie ahead for pharmacy, but this is not the time for student pharmacists to panic.
Stay involved
The job crisis that pharmacy may face is one brought about from an inadequate transition to patient-centered care and the inflation of student enrollment. It is imperative that the profession continues to strive toward patient-centered care and for institutions to carefully consider how their enrollment rates affect the issue.
We encourage student pharmacists to get involved in organizations like APhA–ASP and stay focused on academics to prepare themselves for securing a job in a potentially saturated market. We are hopeful for the profession as it moves closer to gaining provider status, and confident that schools and colleges of pharmacy will make the right decisions when considering future enrollment.
References
- Brown D. From shortage to surplus: The hazards of uncontrolled academic growth. Am J Pharm Educ. 2010;74:185.
- Knapp DA. Professionally determined need for pharmacy services in 2020. Am J Pharm Educ. 2002;66:421–429.
- Brown DL. A looming joblessness crisis for new pharmacy graduates and the implications it holds for the Academy. Am J Pharm Educ. 2013;12:90.
- Wei S. How Your College Choice Affects Your Career. NerdWallet Web Site. http://www.nerdwallet.com/blog/nerdscholar/college-and-career-study. Accessed October 20, 2015.