After being a Pharmacist for two decades I have seen the good and the bad sides of this noble profession. If you ask any young Pharmacist why they choose to become a Pharmacist they would tell you that they love helping people. it is one of the greatest feeling to treat patients with medicines and relief their pains and illnesses.
With a population of approximately 38 million, Canada has the eighth-biggest pharmaceutical market in the world. It also has a pharmaceutical sector that is among the most innovative industries in the country. The industry is composed of organisations developing and manufacturing generic pharmaceuticals, innovative medicines, and over-the-counter drugs.
With over 18,000 pharmacists, Ontario has by far the greatest number of registered or licensed pharmacists. Below are the numbers of pharmacists in each Canadian province and territory at the beginning of 2024. The list also includes the number of pharmacists serving in Canada’s armed forces.
The average pharmacist salary in Canada is $96,914 per year. According to the Canada Job Bank, pharmacists earn a median salary of $53.85 CAD per hour, which is about $112,008 CAD annually. The average salary for a pharmacist is $107,389 per year. Glassdoor reports an average pharmacist salary in Canada of $103,737 CAD/year, including benefits. The average salary for a pharmacist is $53.49 per hour.
Pharmacist play a key role in the dispensing of drugs and services, we help big corporations to make millions of dollars, however we receive far less compensation than the associates, managers, and CEO.
How does Corporation make money in the Pharmacy business
- Meds Check
- Minor Ailments
- Vaccine ( Flu Shots/Covid Shots)
- Administer Other Vaccines
- Professional Opinions
- Dispensing Fees
If you study just one corporate pharmacy such as Shoppers Drug Mart, you wonder where does the money go. One of the pharmacist stated: “When I found out that the Med Checks money was just basically going to Loblaws themselves, it was like, ‘OK, I don’t want to be part of corporate greed.'”
Shoppers Drug Mart billed the Ontario Government almost $62 Million for MedsCheck in 1 year. Pharmacist do not receive any of the millions of dollars that these Corporate Pharmacies rack in every year. Pharmacists who can’t meet the quotas are pressured until they quit or they are replaced by another young naïve Pharmacist.
If you study the corporate structure of any large company there are 4 to 5 levels in the corporate ladder. Pharmacist are the money makers of the corporation, our licenses, skills, knowledge, experience is exploited to create all this wealth.
Unfortunately Pharmacist are not taught to negotiate for more than just their salary. We should negotiate for:
- A percentage of all professional services including Medscheck, Vaccines
- OCP Licencing Fee
- Liability Insurance
- Vacation Pay
- Health Insurance
- Retirement Contribution
- Relocation Cost
- Reimburse Professional Exam Fees
New Pharmacy graduates can have a lot of debt at the beginning of their career, so knowing how to manage your money and negotiating a good pay package is very important for financial success. It is good to start on your pharmacy career with a Corporate Pharmacy because you’ll learn about the business of pharmacy and some day you can own your own Pharmacy.
