Getting out of pharmacy....

Started by PharmaSex
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PharmaSex

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Is there anyone out there that is trying to find there way out of the pharmacy profession? What are you trying to do and what are your reasons? This question is open to those moving pharmacy from their main source of income to their side gig as well. I know that there are a lot of talented people out there and I know some that have taken up real estate on the side. I myself have been thinking about it for a while. I love my job - it pays well as is very low stress and has amazing job security. I've always wanted to open my own business and hope to do so within several years to be my own boss. I work overnights every other week so I have the time to get involved in something.
 
PharmaSex said:
Is there anyone out there that is trying to find there way out of the pharmacy profession? What are you trying to do and what are your reasons? This question is open to those moving pharmacy from their main source of income to their side gig as well. I know that there are a lot of talented people out there and I know some that have taken up real estate on the side. I myself have been thinking about it for a while. I love my job - it pays well as is very low stress and has amazing job security. I've always wanted to open my own business and hope to do so within several years to be my own boss. I work overnights every other week so I have the time to get involved in something.
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What do you do currently....overnight rph? I think it's not too bad then. Everyone I know, at least in retail, is trying to get out but cannot because of mortgage...family...car loans...eg. I'm starting to invest in real-estate and considering going back for MD or another degree altogether. I work for big 3 chain....and it feels robotic and very mundane....almost a sense of numbness the entire time i'm working. Pay is okay...but some of my friends in comp sci and financial tech are definitely out progressing me. They started at 80k and most are above 150k now.
 
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msweph said:
Better start that master's

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Ugh, more work? Won't it just be enough to get informatics experience and have a winning personality?

I was actually thinking about a second degree. MBA, MPH, MHA, I wonder what would be more helpful?
 
PharmaSex said:
Is there anyone out there that is trying to find there way out of the pharmacy profession? What are you trying to do and what are your reasons? This question is open to those moving pharmacy from their main source of income to their side gig as well. I know that there are a lot of talented people out there and I know some that have taken up real estate on the side. I myself have been thinking about it for a while. I love my job - it pays well as is very low stress and has amazing job security. I've always wanted to open my own business and hope to do so within several years to be my own boss. I work overnights every other week so I have the time to get involved in something.
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Interesting motivation to get out of pharmacy. Most people who try to exit pharmacy are the ones who HATE their jobs. Anyhow, good luck to you!
 
Investing in the real estate market would probably be #1 for me if I was practicing as a pharmacist. Depending on the location, all you need is the down-payment on the house with rents covering the mortgage and maintenance. After 7-8 years, it is essentially fully paid off (assuming a 150k duplex with rents $900-1100/per floor). Buy a home a year and after 7 years, you would have income to match if not exceed your pharmacist pay.
 
PharMed2016 said:
Investing in the real estate market would probably be #1 for me if I was practicing as a pharmacist. Depending on the location, all you need is the down-payment on the house with rents covering the mortgage and maintenance. After 7-8 years, it is essentially fully paid off (assuming a 150k duplex with rents $900-1100/per floor). Buy a home a year and after 7 years, you would have income to match if not exceed your pharmacist pay.
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Not that easy. Prices have gone wayyy up in many markets and the rents do not generate enough to even cover the mortgage let a lone the maintenances, tax, and insurance. Real estate should definitely be in your portfolio but it's not gonna be easy like buying a house and sitting back and watching the cash roll in.
 
Went to med school right after finishing pharm school. Have had great career in Emergency Medicine these many years. Pharm background has been huge help and am actively involved in P&T and chair hospital's ADE committee. Be sure your're gonna switch b/c you really want to be a physician.
 
Yeah, that's the one. Maybe I can get a second degree to move in that direction though. In my fantasy world I would use the pharmacy gig to get a job with someone like EPIC, then eventually a place like Google.
panasoniku said:
CIO's are generally for people with CS backgrounds. I think you are looking for CMIO?
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msweph said:
I'm looking at an MBA now. I think without being a physician, it will be hard if not impossible to get CIO without an advanced degree. I found an MBA in FL for 15K that's AACSB accredited.

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What school offers a MBA for that cheap?
 
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Lnsean said:
Not that easy. Prices have gone wayyy up in many markets and the rents do not generate enough to even cover the mortgage let a lone the maintenances, tax, and insurance. Real estate should definitely be in your portfolio but it's not gonna be easy like buying a house and sitting back and watching the cash roll in.
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Actually looking to purchase my first house post-graduation. Use one floor for my personal self and the other to rent. It's doable but depends on the area definitely.
 
It looks like Western FL actually has a set of pre-reqs you will need to take before getting admitted. You'll also need to take the GRE.
 
I almost picked up a job selling insurance on the side....but then I thought about it and was like "F*ck that!"
 
gwarm01 said:
Yeah, that's the one. Maybe I can get a second degree to move in that direction though. In my fantasy world I would use the pharmacy gig to get a job with someone like EPIC, then eventually a place like Google.
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You don't need a MBA to work for Epic 😉
 
PharMed2016 said:
Investing in the real estate market would probably be #1 for me if I was practicing as a pharmacist. Depending on the location, all you need is the down-payment on the house with rents covering the mortgage and maintenance. After 7-8 years, it is essentially fully paid off (assuming a 150k duplex with rents $900-1100/per floor). Buy a home a year and after 7 years, you would have income to match if not exceed your pharmacist pay.
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Correct me if im wrong, but I am guessing you haven't owned real estate as an investment vehicle. Definitely one of the more risky and labor intensive investment options. I wish it was that easy. Definitelty not for everyone.
 
panasoniku said:
You don't need a MBA to work for Epic 😉
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Can you give any more info? What sort of careers are available for pharmacists and what kind of experience is usually required? Any place for someone with a few years of clinical work followed by a few years of informatics experience?
 
I am doing real estate as back up career. There are many places where houses are still cheap. You can find cheap houses with a few clicks of the fingers online. I have 3 houses now for rent and already paid off 2 of them.
 
Trent Steele said:
Correct me if im wrong, but I am guessing you haven't owned real estate as an investment vehicle. Definitely one of the more risky and labor intensive investment options. I wish it was that easy. Definitelty not for everyone.
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It's true that I haven't owned real estate and realize that it may not be for everyone. Luckily, I have excellent mentors (aka parents) whom are teaching me the in's and out's in addition to providing management/labor support in the future. Would have had 3+ houses by now had it not been for my choice in career while still living comfortably as a pharmacist.
 
I don't know any pharmacist who is able to get out of the profession while they are still young and live comfortably. On the other hand, I know several pharmacists who worked well into their 70s.

It is not easy to earn a 6 figure income. Our work is relatively easy compared to other stressful professions. Having to deal with unreasonable customers is a different story. THAT takes hard work but it is something most people can do well into their retirement age.

I am planning to retire when I hit 50. It is not going to be easy but I believe I have a solid plan. It is not about working and paying a lot in taxes. It is about investing and letting your money work for you. That is the key to an early retirement.
 
gwarm01 said:
Can you give any more info? What sort of careers are available for pharmacists and what kind of experience is usually required? Any place for someone with a few years of clinical work followed by a few years of informatics experience?
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Well there's a lot. What are you looking for? If you already have experience with Epic then you can apply on their website.
 
panasoniku said:
Well there's a lot. What are you looking for? If you already have experience with Epic then you can apply on their website.
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Does informatics even pay that much more? I think the only benefit is not having to deal with patients. I have 1 friend doing informatics and he's not even clearing 100k, he said 2 other members of his teams are nurses. I feel like informatics isn't something that a hospital would have to hire pharmacists for.
 
Lnsean said:
Does informatics even pay that much more? I think the only benefit is not having to deal with patients. I have 1 friend doing informatics and he's not even clearing 100k, he said 2 other members of his teams are nurses. I feel like informatics isn't something that a hospital would have to hire pharmacists for.
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I've seen informatics positions all around the country, some specifically for RNs, MDs, PharmDs, or even just people with an IT background. I think the field is new enough that the expectations, duties, and requirements for the same job title may vary from institution to institution. However, most pharmacist informatics positions I have seen posted seem to pay higher than staff pharmacist positions, with the benefit of a regular schedule and weekends off. That is a big part of the appeal to me, not to mention the fact that I have always been more handy with computers than with patients.
 
gwarm01 said:
I've seen informatics positions all around the country, some specifically for RNs, MDs, PharmDs, or even just people with an IT background. I think the field is new enough that the expectations, duties, and requirements for the same job title may vary from institution to institution. However, most pharmacist informatics positions I have seen posted seem to pay higher than staff pharmacist positions, with the benefit of a regular schedule and weekends off. That is a big part of the appeal to me, not to mention the fact that I have always been more handy with computers than with patients.
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Are you an informatics pharmacist right now?
 
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Lnsean said:
Does informatics even pay that much more? I think the only benefit is not having to deal with patients. I have 1 friend doing informatics and he's not even clearing 100k, he said 2 other members of his teams are nurses. I feel like informatics isn't something that a hospital would have to hire pharmacists for.
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there is huge money in informatics consulting.
 
msweph said:
Friend does it with just a bachelors (not rph) and a masters degree (health care,not pharmacy) and makes more than I do as a hospital pharmacist. Like, just under 180K/year. Lots of travel tho.
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That's consulting...it's almost like being underemployed. While I'll take your friend's word for it...I don't think his scenario is the standard.
 
Lnsean said:
Does informatics even pay that much more? I think the only benefit is not having to deal with patients. I have 1 friend doing informatics and he's not even clearing 100k, he said 2 other members of his teams are nurses. I feel like informatics isn't something that a hospital would have to hire pharmacists for.
Click to expand...

Generally more than staff, less than Op Manager. And definitely you need a pharmacist to work on order sets, IV and med builds, clinical decision supports, ADC maintenance and improvements, CDM updates, IV dataset maintenace etc...
 
Earlier today, I found out that a retired pharmacist here in town owns a baseball card and sports memorabilia shop. He also owns the strip mall it's located in, which is probably how he stays solvent. He also owns a bar that has 3 softball/baseball diamonds that are in constant use during the late spring, summer, and early fall.
 
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