Until recently, the pharmacy industry has been a predictably steady and growing market, yielding promising career trajectories for students earning degrees in pharmacy programs. But today, there are many trends changing and reshaping the pharmacy industry as we know it, all of which have the potential to impact the supply and demand of pharmacy managers in the future.
While the demand for pharmacy research and knowledgeable pharmacists is projected to grow by 3% between now and 2024, this number is significantly lower than the Bureau of Labor Statistics’ (BLS) average projections in past years. In 2014, the BLS projected that there would be a 14% incline in the job market through 2022, demonstrating that, in just two years, the projected demand has decreased by 11%.
Another recent study showed that job supply and demand is, now, nearly equal for pharmacist positions. While there’s been a rise in recent years in the need for pharmacy positions, it seems this increased demand may be evening out, making the search for professionals even more competitive.
Optimizing hiring practices is vital to acquiring pharmacy managers.
If this narrowing gap is any indication of the future market of pharmacy manager roles—at least for now—optimizing hiring practices is vital to acquiring and retaining top talent. But how?
Our data shows that when you hire could have a major impact in acquiring top talent, with March being the prime time to hire pharmacy managers.
Indeed’s data shows that time is of the essence. We measure this by studying the favorability index—or the times throughout a year when demand for jobs within a particular industry exceeds the average demand.
With data collected in both 2015 and 2016, we’ve seen that, in general, springtime is the strongest time to search for pharmacy manager candidates, with March being the peak month in both years. Meanwhile, fall in the same years shows a decrease in candidate demand.
We believe the increased demand in March over the past two years could be related to the typical graduation window, while soon-to-be graduated pharmacy students are searching for their first post-graduate career. The decreased demand in the fall could also be related to academic schedules, with many students beginning their final year of study.
By focusing on periods of time when job demand is high, prospective employers have the opportunity to tap into a competitive landscape of talent and acquire the best-fit expertise for a particular pharmacy’s needs.
How could changes to the Affordable Care Act impact the job outlook for pharmacy managers?
There are conflicting perspectives on whether the market for pharmacy professions is still growing as quickly—or if it’s idling—particularly with the future of the Affordable Care Act (ACA), at best, uncertain.
What we’re unsure of is the potential impact of repealing or replacing the ACA, which gave millions of previously uninsured Americans access to healthcare and medications. The new plan proposed by the Republican party gives tax credits based on age, rather than income, which means lower income individuals and households will have a harder-hitting tax blow to face than under Obamacare.
This could lead to fewer households below certain income thresholds enrolling in the Republican-proposed plan at all, which means fewer people seeking healthcare and staying up-to-date on preventive and treatment-based medications.
Many analysts are hopeful that the industry will take a swing upwards.
With the advancement of modern medicine, an incline of chronic illness, a focus on preventive medicine, a growing population of the elderly, longer lifespans, more sophisticated medications, developments in rare and once-fatal diseases, and mass-market accessibility to medication, the pharmacy market is one that the public relies on to constantly yield innovation for both everyday health and disease intervention.
And some pharmacy analysts are confident the industry will once again reach an upswing once it overcomes recent challenges. Things like bioelectronics, partnerships between pharmaceutical and technology companies, and continual advancements in lucrative research contribute to this belief.
For more industry research and Indeed data trends, visit indeed.com/jobtrends.