There is no emphasis on research for pharmacy school rankings. For real, look at the methodology of how they are ranked. It is by surveys sent to the schools themselves (different from how undergrad colleges are ranks as I recall).
I don't have a specific opinion on which school you should attend though. If you want to work locally to UMN and it is well regarded in the area it might help you to go there.
In the business, there are certain schools that are both well-regarded inside and outside for both undergraduate and graduate training: Purdue, Rutgers, Wisconsin, and Washington come to mind. There are schools that have fantastic reputations as graduate schools but not undergraduates: Florida, Minnesota (graduate alma mater for me), Pittsburgh. And there are certain schools like SWOSU, NDSU, New Mexico, and Temple punch far above their research rank (they are considered lower tier research schools) but outstanding undergraduate pharmacist trainers. If I had kids who were trying to get into pharmacy school, I would go look at those undergraduate-friendly schools rather than rankings.
Rankings of the pharmacy schools should be taken in groups: 1-20, 21-40, etc. or whatever cutoff points you want. For the undergraduates, I would focus on NAPLEX passage rates and on whether you know people who placed well in jobs afterwards.
Er, that depends. UMN has an outstanding graduate school for pharmacy's subjects, but as an undergraduate pharmacy training location, it's considered only average within the Big 10 and certainly does not compete well with Wisc or Purdue. Locally in the Twin Cities, it's mostly NDSU and SDSU for retail, and institutions with the exception of Fairview-University usually have a mix from all over the Midwest with NDSU, Ohio State, and Wisc in the management ranks. If you want to work in the Twin Cities, you're pretty much ok coming from any of the Big 10 area schools (although jobs right now are impossible to find).
I would go to the cheaper institution unless you have a specific tie to UMN. Knowing how UMN works, there is a certain department and possibly two that are notorious for doing a bad job with the undergraduate pharmacists.
From the last time I saw this in ACPE, if research were figured in, it would be something like (~ means in the range and not necessarily rank):
UCSF >>> UNC ~ UTexas ~ UMN ~ UW ~ UF in a given year.
If sponsored projects (industry and other money) were figured in, it would be:
Rutgers >>>>>>>>> Michigan ~ USC ~ Purdue ~ UW >> UCSF ~ Buffalo ~ UNC ~ UW (as in Rutgers SPO is a magnitude higher than the next nine institutions combined in terms of industrial funding and that is what is just disclosed, not shared faculty with the industry nor royalties).
Rankings do not matter as long as it stays open long enough for you to pass the Boards with the coveted RPh. So, no Hawaii College of Pharmacy, but even Duquesne works (as they just limp along).