Pharmacy is changing for the worst. New grads are getting $10-20/hr less than current Rphs and old timers are now targets for layoffs and firings. Expect more of these firings to come and wages to decrease even more. No pharmacist job is secure anymore. No matter how good or invaluable you think you are, the fact is you can be replaced by a new hire who makes $20-40k less to do the same job.
What are some things we can do to prepare ourselves? Let's come up with some contingency plans.
Prepharms: don't even think about applying for pharmacy school. Run away and don't look back.
Current pharmacy students: it is never too late to turn back. If you have less than $100k in loans, that amount can be paid off with an average 50k-75k job that most college graduates have.
Pharmacy students about to graduate: you'll probably have to work in BFE fighting for more than 30 hrs per week. Continue to live like a student and pay those loans off ASAP. Don't be a consumer, don't but a new car, don't but crap you don't need. Start to plan your next career.
Rphs in their 30s-40s: by now your student loans should be paid off and you should have a good amount of equity in your home. Continue to max out retirement accounts and invest as much as possible in taxable. Look into other careers or opening a franchise.
Rphs in their 50s-60s: by now you should have a high net worth with no debt, a paid off house, if you have kids they are financially independent adults. You will be the first to be fired or laid off and the last to get hired again. But that shouldn't phase you since you should have a few million if not more from making six figures for decades. Consider moving to a low cost area to live like a king. Do something you love like teach high school science or coach a sports team.
