MPA | Pharmacy News

Economic Survey at a Glance

Posted on June 30, 2016 in: Member News

The 54th annual Michigan Pharmacy Economic Survey received over 600 responses from pharmacists, pharmacy technicians and student pharmacists. Of all of the responses, those used were obtained from 430 pharmacists, 62 student pharmacists and 141 pharmacy technicians. Responses were not included if they did not contain relevant information to the survey.

 

The majority of respondents practiced in the health-system setting, followed by chain community pharmacy, then independent community pharmacy. For the first time, 2015 saw a decline in average overall salary. 2015 average salary was $112,000 compared to $121,000 in 2014 and $120,000 in 2015.

 

The survey also considered employment benefits including insurance, paid time off and other fringe benefits. Most respondents indicated they were offered some form of non-salary compensation. The survey indicated that 10 percent of pharmacists were not offered insurance benefits and nine percent of pharmacists were not offered any paid time off. Seventy-five percent of pharmacist respondents indicated they are offered benefits such as dental coverage, health insurance, prescription drug plans, paid holidays and retirement/401(k) offerings. Specifically, 79 percent of pharmacists receive dental coverage and 81 percent also receive health insurance coverage with only ten percent of respondents indicating they received no insurance benefits at all. The large majority of respondents indicated they are allowed time for bereavement, holidays, vacation days and sick days.

 

For a full breakdown of the 2015 Economic Survey, look forward to the July issue of Michigan Pharmacist in your mailbox at the beginning of the month!

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