Update on Pharmacist Workforce Data and Thoughts on How to Manage the Oversupply

Abstract

The annual number of Doctor of Pharmacy (PharmD) graduates is projected to exceed the number of annual pharmacist job openings over the next 10 years. Loss of retail sector jobs will be partially offset by projected gains in several other sectors; however, oversupply will persist until the number of graduates is more reflective of job market capacity. Large-scale practice transformation will not happen overnight; consequently, schools and colleges of pharmacy must immediately change their perspective from producing graduates to fill pharmacist roles, to producing graduates who are prepared with expertise and professional skills to excel in many types of well-paying positions. Students need career advice including to convince potential employers how a PharmD education has prepared them with transferable high-level skills that are applicable beyond traditional pharmacist roles. Better communicating the value of pharmacy skills to students and employers may also have a positive impact on admission numbers as prospective applicants become more aware of the breadth of pharmacy career opportunities.