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Establishing a Legacy: Considerations for Retiring Leaders.

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Summary
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Nearly 80% of pharmacy leaders will retire in 10 years. Effective retirement planning allows continued contributions to health system pharmacy through various roles.

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Area of Science:

  • Pharmacy Leadership
  • Health System Pharmacy Administration

Background:

  • A significant portion of current pharmacy leaders are approaching retirement age.
  • This demographic shift poses a challenge to the continuity of leadership in health system pharmacy.

Purpose of the Study:

  • To analyze the retirement trends among pharmacy leaders.
  • To explore various retirement transition pathways for pharmacy leaders.
  • To emphasize the potential for continued contributions post-retirement.

Main Methods:

  • Follow-up survey of pharmacy leadership positions.
  • Analysis of retirement timelines and transition preferences.

Main Results:

  • Approximately 80% of pharmacy leaders plan to retire within the next decade.
  • Retiring leaders are considering phased transitions, including consulting, staff roles, or teaching.
  • Effective financial and life planning is crucial for a successful retirement transition.

Conclusions:

  • Pharmacy leadership faces a substantial retirement wave in the coming years.
  • Retirement offers opportunities for continued engagement in pharmacy education, practice, and leadership.
  • Retiring leaders can significantly influence future patient-centered pharmacy services.