I've never failed or dropped a course myself, so I personally would advise against dropping the course. A "W" just doesn't look good on the transcript.
However, it's really up to you to gauge how much you can handle. If the course is taking a lot of time out of your schedule, and is causing you to do poorly in other courses because of that... it might be better off to drop it. Also, are you taking courses that count towards the pharmacy entrance GPA? If so, it seems that dropping would also be good so that you can focus on those courses that pharm. looks at. (After all, you wouldn't want to do badly in those because of phys biochem, and then have it affect your overall pharm application).
Goodluck with your decision!
🙂
Btw, to everyone who's taking CHEM 233 (yes, I am too!)... the second midterm is coming up, and even though I'm determined to do well, I'm getting super worried. I'm still kicking myself for messing up the first midterm when it doesn't seem that difficult looking back on it.