If a student applies for pharmacy school just because of the salary, I will feel so bad for him and for his future patients. Money is not everything when you decide your career, your profession. Why pharmacy schools are so competitive now? It is because a lot of students go crazy for that salary range regardless how much they will like it, how much they really know about pharmacy. As health care professionals, pharmacists are committed to patient care not money!!
It is true more and more pharmacy schools are opening up, however, it doesn't mean there will be a lot of pharmacists out there, because pharmacy students need to take the naplex and state board exam. Such examinations control the number and qualification of graduates pretty well. I am confident that pharmacy school will not be like Computer Science, scrap overnight. It has been and will be very stable over years.
Even though I don't think there will be a drop, I don't mind if the pharmacist salary really went down when I graduate four years later, I would still practise as pharmacist, earning respects and trusts from patiens, being called doctor.
If you quit pharmacy school just because of drop of salary or competition, it means you are not ready to pursue a health care profession, academically and mentally.