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Are Residencies Worth The Investment?

Discussion in 'Pharmacy Residencies and Fellowships' started by Rx_of_Music, May 13, 2007.

  1. Rx_of_Music

    Rx_of_Music Member 7+ Year Member

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    0
    Jan 18, 2006
    Athens, Georgia
    After my first year of Pharmacy School I have heard a lot of talk from my classmates about plans to complete residencies after graduation. I have also seen the faculty push us toward residencies. I want to know what the major advantages to completing a residency are. I know it looks good on a CV and makes you more competitive, but with the shortage of pharmacists isn't this overkill? Also what are the advantages to pharmacy specialties? Do they have higher salaries without moving into management positions? Being an older student, I just want to make sure that doing a residency is worth the two more years of long hours at half the salary. Thanks again for your help.
     
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  3. Dustbunny

    Dustbunny 2+ Year Member

    103
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    Apr 17, 2007
    Massachusetts
    It's pointless unless you want to be a clinical pharmacist, or possibly work in academia.
     
  4. ButlerPharm.D.

    ButlerPharm.D. Honor Before Glory 5+ Year Member

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    Dec 17, 2004
    I'm currently looking into the possibility of residency as well. A few of my Kappa Psi brothers are going to be starting their residencies soon and I'm looking to them for advice on the topic. I've worked in hospital pharmacy for 6years now (started when I was 16) and as a result of what I have seen, I have sort of been soured on the idea. However, as the field of pharmacy becomes more competitive, having a residency will distinguish you from a fellow applicant. But, as time draws on, I'm more seriously considering complete one. As Dustbunny has said, and I'm sure you know, residencies are typically aimed at those who want to do clinical hospital work or those who want to teach. There are however, residencies aimed at community pharmacy (my hospital offered one) but I've never heard of anyone completing one. Let us know what you find out; best of luck!
     
  5. Dustbunny

    Dustbunny 2+ Year Member

    103
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    Apr 17, 2007
    Massachusetts
    Because there's really no point. How many people have you heard of that couldn't get a job in retail pharmacy because they weren't competitive enough? :laugh:
     
  6. ButlerPharm.D.

    ButlerPharm.D. Honor Before Glory 5+ Year Member

    534
    0
    Dec 17, 2004
    I agree, that's why I found it quite weird that they offered one.
     
  7. AvocadoLover

    AvocadoLover Pharmacist 7+ Year Member

    152
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    Apr 15, 2007
    California
    I am doing a residency with IHS (starting in July) but I know a few ppl who are going to do retail residencies. I think the main reason ppl go for these is to learn to do MTM. This would be a huge advantage if you are looking for the big $ of retail, but dont want to sit behind the counter all day. Although you dont need specialized training to do MTM I know certain pharmacies that will hire one pharmacist to do it at a number of there stores (covering a whole district). If you have postgrad training in this area then you would be more likely to get hired. I think its a great residency to do if you are interested in doing MTM.
     
  8. bizzybee

    bizzybee

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    May 16, 2007
    Are you commissioned with the PHS for your IHS residency? I would like to complete an IHS residency, could you please tell me more about what you have learned about your IHS residency? i.e. locations, loan repayment program, commissioned officer status, interviewing for the program, etc. Thanks!
     
  9. airtim00

    airtim00 2+ Year Member

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    May 9, 2007
    whats mtm?
     
  10. Dustbunny

    Dustbunny 2+ Year Member

    103
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    Apr 17, 2007
    Massachusetts
    Medication therapy management. With the new Part D program, pharmacies can bill medicare for said services, though it's something pitiful like $50/day or something. (It might be more, but it's still a pittance.)

    You can do MTM on your own. The most interesting part of MTM can be done while you are a pharmacist, unofficially. You just won't get paid extra for it.

    I did it last year as part of my Part D consulting. It was the most interesting part of my job. (And I got lots of food from patients for it. :thumbup:) I think the average amount saved was ~$500/year. It was a good experience.
     
  11. RXlecom07

    RXlecom07 2+ Year Member

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    Nov 16, 2006
    Is there is place to check the laws as far as MTMs are concerned for each state? MTMs is something pharmacists are fighting for in PA but I'm moving out of state and was curious how the laws are elsewhere
     
  12. AvocadoLover

    AvocadoLover Pharmacist 7+ Year Member

    152
    12
    Apr 15, 2007
    California
    I am commissioned and there are TONS of benefits. PM me and I will be glad to give you all the information.
     

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