(229) Historical Comparison of Pharmacy Graduate Indebtedness with Annual Wage for Pharmacists

Objective : In light of the observed decline of student enrollment in pharmacy programs, questions on the profession’s financial worth arise among pharmacy advocates and prospective students. This study aimed to compare average pharmacy graduate indebtedness levels and average annual wages for pharmacists in the US.

Methods: Average student indebtedness at graduation, published by the American Association of Colleges of Pharmacy, was contrasted with average annual wage, published by the Bureau of Labor Statistics. Data on student indebtedness was available for 17 years (2007 – 2023) whereas the average annual pharmacist wage was available for 16 years (2007 – 2022) when this study was written and submitted. Based on the most recent trends, data were extrapolated to provide predictions of these two measures over the next few years.

Results: Beginning in 2011, average student indebtedness at graduation has exceeded the average annual wage. The gap between these two measures peaked in 2020, when average graduate indebtedness was 43% higher than the average pharmacist annual wage. Since then, this gap has been shrinking due to a gradual decrease in average student indebtedness with an average annual decline of 2.24%. On the contrary, the average pharmacist annual wage has been increasing steadily since 2007 with an average annual increase of 1.81%. If the same trends continue, the average pharmacist annual wage is expected to surpass the average pharmacy graduate indebtedness in 2029.

Conclusions: Although admission rates in pharmacy programs are impacted by several factors, a downward trend in average student indebtedness over the past few years coupled with increases in average annual wage may positively influence interest in pursuing the profession, and therefore, may increase student applications for admission in the future.