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Evaluating the Changing Financial Burdens for Graduating Pharmacists
T Joseph Mattingly1, Timothy R Ulbrich2
1University of Maryland School of Pharmacy, Baltimore, Maryland.
New pharmacists earned less net income in 2014 than in 2009, despite higher salaries. Increased consumer spending reduced discretionary income for pharmacy graduates, impacting overall financial well-being.
Area of Science:
- Health Economics
- Pharmacy Practice
Background:
- Recent pharmacy graduates' financial well-being is crucial for workforce sustainability.
- Understanding income trends is vital for career planning and policy development.
Purpose of the Study:
- To compare the net income of new pharmacy practitioners in 2009 versus 2014.
- To model financial outcomes using salary, expenditure, and student loan data.
Main Methods:
- A Monte Carlo simulation with probabilistic sensitivity analysis was employed.
- Student t-tests were used to compare mean differences between the 2009 and 2014 cohorts.
- Data included pharmacist salary, consumer expenditures, and student loan information.
Main Results:
- Pharmacist salaries and disposable income were higher in 2014 than in 2009.
- Increased consumer expenditures in 2014 led to lower discretionary income compared to 2009.
- Net income decreased for all pharmacy school graduates from 2009 to 2014.
Conclusions:
- Pharmacists graduating in 2014 experienced lower net incomes than those graduating in 2009.
- This trend was observed across all pharmacy school types, irrespective of loan repayment strategies.
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