If you are here, Then you must be looking for salary information of a pharmacy tech and you should be anyone out of these 2
- Are you a student looking for salary information to pursue studies in pharmacy technology
- Are you a fresh passed out graduate looking for prospective information on jobs and salary that can help your career.
According to the U.S. Bureau of Labor Statistics the average annual wage for Pharmacy Technicians as of March 2013 is $36,000. This would amount to $18.70 per hour. The middle 50 percent earned between $15.95 and $20.88. However the average salary may vary with experience , job location, education and skilled expertise.
Students can expect a growth rate of 5% salary hikes in pharmacy technicians each year and they should prioritize educational prerequisites in order to be eligible for a good salary. You need to satisfy eligibility conditions before enrolling; yourself into a pharmacy technician school. Choose the right accredited school to derive maximum benefits in your career.
Graduates Interested in Pursuing Career as Pharmacy Technician:-
Are you a freshly passed out graduate in Pharmacy technology, are you interested in knowing more about salary and what they mean to you with respective jobs? Well here’s a comprehensive information on how to analyze stats and what they mean to you ?
Pharmacy Technician Salary :- There’s more to It than Meets the Eye
In this article we try to dissect and present the various attributes along with specific examples on what determines a pharmacist’s salary? Its various aspects that influence a pharmacist’s salary and how one can end up at the zenith of the salary’s hyperbolic curve ?
Salary information is not a simple information but a conglomeration of various intricate facts which are simplified and presented in a manner that can be understood, if we have to develop an in depth analysis of contributing factors and how we can peak to the top weneed to understand the systematic functioning of of today’s medical industry. A higher pay scale or the average pay scale in the upper limit is not every pharmacists piece of cake, it comes with his educational qualifications , time, experience and his innate ability to adapt process and develop with the job and its demands, a higher payscale means added responsibilities, but on a career front provides him to extend his range of learning abilities and enhancement of skill sets , a process where he can develop wider significance; and expand his scope in the health care industry
Dissecting and Analyzing Salary Statistics:
Pharmacist’s salary now we understand has more to it than what you read in articles carrying salary information , though the census and stats are accurate, often the method of interpretation is not. Let us take this example , often we come across Bureau of Labor Statistics information, which states that , the salary range for starting pharmacist is approximately $68,250 – $100,200 . Often we interpret the statistics and take the mean and assume it to be the basic salary when we are provided with a range , in this case we assume it be approximately $85, 000 , but basic entry level salary can be much lower than the predicted range. Often statistics do not potray if the statistics were done on highly qualified entry level pharmacists or the kind of degrees, certifications and trained skill sets of the entry level pharmacists. Also the stats vary from region to region, company to company which we will discuss later.
Average Pharmacy Technician Pay 2009 – 2012
Often the reports and statistics presented across websites itself would be quite contradictory to one another, for Example let us have a look at data gathered in the below graph from various job portals such as indeed. Com, US department of labor, and B.L.S, when both these data were compiled the average annual wages in 2012 were found to be 35, 000 which is way below the predicted range of $68,250 – $100,200 gathered by Bureau of Labor Statistics information.
Its not that these portals are giving us misrepresented information, data gathered and representation has a lot of probability factors, the way data is collected and pooled causes huge differences in the result. If the range of sample data collected has high extremities , it has a profound effect on the final outcome. So in short don’t get mislead by statistics information, the salary information is just an attribute of compilation data gathered and should not be misjudged as the actual salary itself. Also salary depicted can be basic salary in some cases while in others it would include basic + added benefits. Salary has various attributes that determine it which would be discussed later.
The Actual Salary Representation:-
The actual salary guide is one which dissects and breaks up the salary range into percentage of the top and bottom most earners, an example of this would look like
As of 2009, the average salary of a pharmacy technician in Florida was $107, 783 per year. The middle 50 percent of the pharmacists made between $ 101, 653 and $113, 437, while the bottom 10 percent of the pharmacists had salary range less than $96, 073 while the top 10 percent of pharmacists made more than $118,585 per year.
Attributes that contribute to Increased pay:-
Skill Set and Added Responsibilities : Phamacists are required to mix and distribute medications as prescribed by the doctor , some of these require enhanced skill sets and also basic pharmaceutical knowledge about toxicity and permissibile levles which are acquired by practice. A pharmacists who has enhanced skill sets is likely to get a higher pay than his fellow colleagues
License and Education: Several hospitals and other healthcare facilities are required to have licensed pharmacists who not only dispense medicine over the counter but are able to advice healthcare professionals and patients on the use of these medications and drugs. In order to be a licensed pharmacist, the pharmacist must have prerequisite educational qualification such as diploma, or a degree in pharmacy. The higher the degree likewise is the salary and other added benefits that come along with this career. Education should be pursued in colleges that are accredited to a national governing body like the Accreditation Council for Pharmacy Education (ACPE) in U.S, if the education is not pursued under such regulatory bodies, your degree may not be recognized as an educational qualification.
Obtaining Adequate training : There are many criterias that a pharmacy technologist must meet and in order to excel he should be adequately trained in various aspects that are required of him, in order to do so a pharmacist can consider various training options that help acquire professional skills, relevant knowledge and hands on experience during to be at the receiving end of a higher grade of pay scale.
Getting Certified:- Once the pharmacists have cleared the requisite educational qualifications they are required to clear a national certificate exam such as Multi-state Pharmacy Jurisprudence Exam, and on whose sucessful completion they become certified pharmacists, certified practitioners are bound to get higher pay scale than non certified practitioners, and their entry level salary is often stipulated by the national governing body which is quite high.
Experience:- An experienced pharmacist is bound to get higher pay than an entry level pharmacist, and for this rightful reason many fresh graduates opt for internship program where in they gain the relevant experienceto step up in their career ladder. If a fresher has less than one year experience, in Florida his salary range was predicted to be in the range of $73,208 to $99,578, while a pharmacist with more than 20 years of experience was said to have a range of $95,092 and $120,032.
Location:- Location plays an important role in determining your salary, a pharmacist in India is likely to earn less than his fellow counterpart in U.S, the salary range may also differ within a country as well, the median salary of a Pharmacist working in Hawaii can earn less than the median salary he would be deriving if he were working in California
1) Gender:- Though healthcare industries do not usually discriminate on the basis of gender , it was found that males usually have a higher paygrade than females probably due to the difference in working hours and different roles performed between the two.
Salary Based on Titles :-
Salary has a say in the type of work profile a pharmacist chooses to work, according to data gathered from Indeed.com, a pharmacist working as “Relief Outpatient Pharmacist” earns the highest among the lot with salary ranging upto $111, 000 while pharmacist working as “Pharmacy Technician Corrections Setting” earns the lowest ranging upto $24000
National Salary Trend based on Healthcare/Hospital C-Level Executives
Data gathered from indeed.com for the year 2009 portray that the average Healthcare CEO salaries on a national scale in U.S are 36% higher than average salaries across the nation. The median salary range for Hospital/Healthcare CEOs, CIOs, CNOs , CHROs , COOs, CMOs, and is about 100K The average for each individual job designation is given below.
National Salary Trend based on Healthcare/Hospital C-Level Executives
Pharmacist Salary by Industry
According the Bureau of Labor Statistics, pharmacists’ earnings vary with the industry of practice , In order to determine and present this fact , we have salary break up across various companies for pharmacists which we have obtained from glassdoor.com (Source : http://www.glassdoor.com/Salaries/pharmacist-salary-SRCH_KO0,10.htm)
- CVS caremark offers average hourly rate of 51.58/hr with upperlimit of $64 and lower limit of $23, while the annual average is $113,695 with with upperlimit of $150 K and lower limit of $90 K
- Walgreens offers salary with an average hourly rate of 53.53/hr with upperlimit of $64 and lower limit of $42, while the annual average is $113,531 with with upperlimit of $195 K and lower limit of $66 K
- Walmart offers pharmacist salary with an average hourly rate of 56.88/hr with upperlimit of $66 and lower limit of $48, while the annual average is $117,138 with with upperlimit of $155 K and lower limit of $90 K
- Long Drug offers salary with an average hourly rate of 46.15/hr with upperlimit of $61 and lower limit of $35
- Kroger limited offers pharmacist salary with an average hourly rate of 41.81/hr with upperlimit of $58 and lower limit of $15, while the annual average is $107,130 with with upperlimit of $127K and lower limit of $82K
- Target offers salary with an average hourly rate of 55.90/hr with upperlimit of $59 and lower limit of $50, while the annual average is $116,942 with with upperlimit of $131K and lower limit of $66K
What’s Shining in Pharmacist Jobs?
With the demand strong , salary and pay scale substantially higher, its one job that offers both security and stability with a good growth that caters to a wide variety of options and array of work related designations available for pharmacists.
What’s to Watch out for in Pharmacist Job ?
Somedays can prove to be high on mental strain , with burnouts which takes a toll on a pharmacist mentally and physically , that is one another reason why certain pharmacists wth added responsibities are paid more. Sometimes a single error in dispensing can prove to be catastrophic ending or harming one’s career .
Added Benefits and Bonuses
Pharmacists working in the field of medical profession are entitled to numerous benefits and bonuses, the pharmacist’s may account to only 73.8 % of his/her income and it is meant to increase from other benefits and bonuses. A pharmacist working in U.S may get as much as $327 from bonuses alone, pensions may approximate in the range of $4, 000 with other benefits covering various other expenses such as such as social security, disabilities , medical insurance , family insurance and other schemes which when compiled would make a pharmacist’s salary approximate in the range of $130, 000 – $150, 000