Pharmacy School Affordability for Pharmacy Technicians From 2004 to 2022

Area of Science:

• Health Economics
• Pharmacy Education
• Workforce Studies

Background:

• Pharmacy education costs have escalated significantly over the past two decades.
• The economic viability of pursuing a pharmacy degree is a growing concern for prospective students.
• Pharmacy technician wages are often considered a benchmark for the financial accessibility of pharmacy programs.

Purpose of the Study:

• To analyze trends in pharmacy technician wages versus first-year pharmacy school tuition and fees from 2004 to 2022.
• To assess the current affordability of pharmacy education for individuals employed as pharmacy technicians.
• To evaluate national and state-level changes in the pharmacy tuition affordability ratio.

Main Methods:

• An observational, cross-sectional study utilizing data from the U.S. Bureau of Labor Statistics and the American Association of Colleges of Pharmacy Tuition Trends Database.
• Calculation of median disposable incomes for pharmacy technicians and cumulative sums of first-year (P1) in-state tuition and fees.
• Analysis of the national tuition affordability ratio (disposable income vs. P1 tuition/fees) and state-specific variations.

Main Results:

• Median pharmacy technician disposable income rose from $20,103 to $33,255 between 2004 and 2022.
• Median P1 tuition and fees increased from $13,223 to $36,183 during the same period.
• The national tuition affordability ratio declined by 40%, from 1.52 to 0.92, indicating a substantial decrease in affordability.

Conclusions:

• Pharmacy education has become significantly less affordable for pharmacy technicians over the last 18 years.
• Economic barriers to entering the pharmacy profession are increasing.
• A reevaluation of financial aid and tuition strategies is crucial for the future of pharmacy education.