Saturated Pharmacy Market — Are you in Trouble?

This past year for new PharmD’s has had a little bit of a different outlook on the job market than in recent years. Companies that used to consistently hire all of their interns every year have now cut back in their hiring. Other companies have cut pharmacist hours and even changed their policies on working overtime. This uncertainty has created stress within some pharmacists and pharmacy students. Although a hard pill to swallow, it may be near time that us in the pharmacy field accept what we don’t want to hear:

The pharmacy market is becoming saturated.

With more and more pharmacy schools opening up every single year, the number of new grad pharmacists continue to grow exponentially. Unfortunately, this number does not seem to be keeping up with the growth of new pharmacist jobs available.

This chart shows the PDI (Pharmacist Demand Indicator) for the last 10 years. Anything above 3 indicates there is a demand for pharmacists, with an even 3 meaning that demand matches the supply. Late 2017 marked the first time in the last 10 years that the PDI dropped below 3, indicating that there is a shortage for pharmacist jobs. Although slightly rebounding since, this is something that new and current pharmacists need to prepare for.

Recently, I was listening to a video by Gary Vaynerchuk when he said something along the lines of this:

“When the market changes, you either adjust or you get beat.”

So what does this mean for current and future pharmacists? It means the days of just hiring someone to fill a spot no longer exists. Just getting by and getting your degree is no longer going to cut it. You have to develop skills. You have to become Indispensable. So how do you do this?

Identify how you are measured on performance and learn how to exceed expectations

Let’s face it, the majority of pharmacy workplaces have developed a system of metrics in which a pharmacist’s performance is measured. Depending on the company, these metrics are created to determine the companies success. Even if you as an individual disagree with these metrics, these are what the company values, and it’s up to you to identify and create a plan on how to execute without causing distress to yourself and sacrifice your passion or happiness. This plan will require you to audit yourself and your abilities and determine what will be needed in order to get the job done. The process starts by asking yourself powerful questions such as:

What do I value as a person and healthcare professional and how do I align my thoughts, words, and actions to follow these values.

Knowing my weaknesses, how can I improve and turn these into strengths while delegating the tasks I struggle with in the meantime.

What makes me a good leader?

What can my colleagues expect from me a a team leader?

Start by asking your self powerful questions that reflects upon yourself, and continually learn how to adapt and grow within your career. I promise you that by doing this, you will become one step closer towards becoming indispensable.

Develop your ability to solve problems

We as pharmacists are immersed in a field of “problems.” We live in a field that is dedicated to managing patient’s problems with their disease states, insurance companies create problems, laws create problems, coworkers calling off work creates problems, etc. What separates a good pharmacist from a great pharmacist is their ability to solve problems.

The next time a problem in your career arises, I want you to reflect on these things.

1. What was the problem
2. What was my immediate thought
3. What was my natural immediate response/reaction
4. What did I personally do to solve the problem
5. Who was involved in the problem solving process
6. Was the problem solved?

If your answer to question 6 is yes… then good job! You’ve successfully solved a problem. However, if the answer to question 6 is NO, then you have an opportunity to strengthen your problem solving skills, and can do so by then asking yourself:

1. Can I identify why the problem wasn’t solved?
2. If so, what was the reason?
3. Did I have the resources available to solve the problem?
4. What could I have done or said different?
5. How could I have involved other people to aid in solving the problem?
6. If this same problem occurs tomorrow, what would I do differently?
7. Am I ready to solve this problem moving forward?

If after going through this list, you are able to answer yes to question 7, then you have successfully strengthened your problem solving abilities. Continue to use this tool and enhance this skill, and you are well on your way to becoming a great and efficient pharmacist!

Although there are various other ways to becoming indispensable, by focusing on these two key aspects, your career will grow beyond ways that you could imagine. It is going to be crucial for pharmacists to develop these skills moving forward. Your job security will depend on it, your family, your patients, and yourself.

As always, thanks for reading, and remember: Become Indispensable.

Best,

Scott Weaver, PharmD

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