SUPPLY FACTOR: Increasing Shortages of Qualified Pharmacists
The market for pharmacists and pharmacy technicians is also on the rise, reflecting expansion of pharmacies into grocery and department stores, as well as Internet and mail-order sales. Thanks to a record number of new drugs, aging Baby Boomers taking more medication and the proliferation of managed healthcare, colleges across the country cannot graduate students fast enough to fill the nationwide shortage of pharmacists.
Data published by the National Association of Chain Drug Stores reflects an alarming trend, predicting that over the next years, there will be a 26% increase in the number of prescriptions dispensed, and only a 4% increase in the number of pharmacists needed to meet this demand. The annual growth rate for prescription drug spending will soar from 7.4% in 2007 to nearly 10% in 2016. That will require an estimated 672,000 pharmacists and pharmacy technicians by the year 2016 – a 21% and 32% projected growth from 2006 respectively. In addition, college and university pharmacy programs are converting the degree requirements from a bachelor’s degree in pharmacy to the more recognized Pharm.D.
Data published by the National Association of Chain Drug Stores reflects an alarming trend, predicting that over the next years, there will be a 26% increase in the number of prescriptions dispensed, and only a 4% increase in the number of pharmacists needed to meet this demand. The annual growth rate for prescription drug spending will soar from 7.4% in 2007 to nearly 10% in 2016. That will require an estimated 672,000 pharmacists and pharmacy technicians by the year 2016 – a 21% and 32% projected growth from 2006 respectively. In addition, college and university pharmacy programs are converting the degree requirements from a bachelor’s degree in pharmacy to the more recognized Pharm.D.