I asked the same question numerous times, but got no viable responses. Let me tell you about my situation. I have a BA in Economics, cumulative GPA of 3.7 and science GPA of 3.7 something (maybe 3.75). This past Saturday I took my PCAT for the third and final time. I got a 61 composite the second time I took it. I may or may not have done better this past test, but I won't know for another month.
Good news though. I have two scheduled interviews in a few weeks. It is not guaranteed that I will get in, but I'm very excited that I at least have interviews. So yes, it can be done.
I encourage you to apply early (all materials arrived at my designated schools in early September). Also, if your 50 percentile represented your first test, you should take it again. I got a 47 percentile when I first took it, so my composite jumped up 14 points.
Lastly, I think it is crucial for you to directly call each school you are interested in and tell them your situation and stats. I found out that some schools are very particular in that they will not admit anyone with a PCAT below an 80 percentile, no exceptions (regardless if you have a 4.0, extensive pharm experience, and a bachelors). Stay away from schools like that. Honestly, you can theoretically improve your PCAT, but having to attain that score does not create anything but hardship because you would have to make the PCAT your life until the next exam.
There are many schools with less stringent PCAT requirements, but you will only know of those schools if you call them directly. School websites only give averages, so that information is no use to you. What you really want to know is your chances of getting accepted with your PCAT score, given that you tell them about your GPA and other credentials as well.
Hope this helps. I know how you feel. IMO, GPA is very important because it is measured over a long length of time, and it tells pharm schools of your determination and persistence. The PCAT, however, is a one day test that can help a person who has a lower GPA get a second chance. It would be bad if a person with a high GPA got a 5 percentile on the PCAT, but you got a 50. This may mean that you are an average test-taker with maybe an average intelligence, but are extremely motivated to perservere in your classes. That shows a lot to schools, so hold up your head high.