Depends on what the PhD is in. There is no "Pharmacy PhD" that I am aware of. They are available in areas like medicinal chemistry, pharmaceutics, pharmacy systems, etc.
There's a guy in my class with a PhD in pharmacology. I guess there weren't a lot of opportunites because he decided to get his PharmD and work at Walgreens.
My sister has a PhD in pharmacuetical science from a college of pharmacy- her career so far has been with drug companies, and she specializes in forumulation of drugs. She has a really neat job - gets to travel some and oversee companies that are doing contract work for her company. She actually doesn't do much lab work anymore, now that she has some experience it's more project management.
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