Career Progression of the Pharmacy/MBA Professional: Characterization and Perceptions of the Combined Degree.

Objectives. To characterize pharmacy/MBA professionals during their entry-level and current positions and to describe their attitudes and perceptions toward their combined degree. Methods. A cross-sectional survey of University at Buffalo (UB) alumni who obtained both pharmacy and MBA degrees was used. An electronic survey was developed through collaboration with the UB School of Management and administered in winter 2015. Results. A total of 68/115 (59% response rate) pharmacy/MBA professionals responded to the survey. Post-graduate training was completed by 24% of respondents, and most commonly it was a residency program. After adjusting for inflation to 2014 dollars, the median entry-level salary for pharmacy/MBA professionals was $140,123 (mean = $144,327) and this increased to $179,947 (mean = $205,623) for those in their current position. Practice settings for entry-level professionals included pharmaceutical industry (25%) and chain pharmacies (18%). Most respondents believed that a combined degree helped in career advancement (85%) and made them more competitive in the job market (90%). Conclusion. Pharmacy/MBA professionals are well-compensated, work in a wide-range of professional settings, and have a high-level of satisfaction with their combined degree.

Postdoctoral pharmacy industry fellowships: a descriptive analysis of programs and postgraduate positions.

PURPOSE: Postdoctoral pharmacy industry fellowship programs and the employment of fellowship graduates are described. METHODS: A list of postgraduate industry fellowships was gathered from the 2009 ASHP Midyear Clinical Meeting. Data regarding program characteristics were collected using the Personnel Placement Service database and program-specific brochures. After data compilation, a standardized survey was sent in January 2010 via e-mail to the point of contact for all programs to confirm the accuracy of the program's characteristics. Only academically affiliated industry fellowship programs were analyzed. Retrospective data were collected regarding the first position of employment for all fellows who graduated from the program between 2005 and 2009 and the position of those same individuals at the time of survey completion. RESULTS: Surveys were sent to 64 postgraduate industry fellowship programs affiliated with a school of pharmacy, 56 (87.5%) of whom responded. The departmental breakdown for positions offered (n = 75) across all academically affiliated industry fellowship programs (including nonresponders) was as follows: medical affairs (38.7%, n = 29), clinical research (32.0%, n = 24), regulatory affairs (9.3%, n = 7), commercial (8.0%, n = 6), health economics and outcomes research (8.0%, n = 6), and pharmacovigilance (4.0%, n = 3). Data from fellows during years 1-5 after completion of the industry fellowship indicated that 90.5% of former fellows remained in the industry (n = 238). CONCLUSION: The postgraduate industry fellowship programs surveyed indicated that the majority of fellowship graduates continued to hold positions in industry after program completion. The majority of industry fellowships and subsequent job placements occurred in the areas of medical affairs, clinical research, and regulatory affairs.

Economic analysis of earning a PhD degree after completion of a PharmD degree.

OBJECTIVE: To determine the net present value (NPV) and internal rate of return (IRR) for earning a doctor of philosophy (PhD) degree and pursuing careers commonly associated with that degree after completion of a doctor of pharmacy (PharmD) degree compared to entering pharmacy practice directly upon completion of the PharmD degree. METHODS: Income profiles were constructed based on 2008 annual salary data. NPV and IRR were calculated for careers resulting from the PhD degree and compared to those of the practicing community pharmacist. Trends in IRR also were examined across career paths from 1982 to 2008. A priori assumptions were developed and sensitivity analyses were conducted. RESULTS: The NPVs for all careers associated with the PhD degree were negative compared to that of the practicing community pharmacist. IRRs ranged from -1.4% to 1.3% for PhD careers. Longitudinal examination of IRRs indicated a negative trend from 1982 to 2008. CONCLUSIONS: Economic financial incentives for PharmD graduates to pursue graduate school are lacking. The study illustrates the need to consider financial incentives when developing recruitment methods for PharmD graduates to pharmacy graduate programs.

Return on investment of a pharmacy residency training program.

PURPOSE: The return on investment of pharmacy residency training at a Veterans Affairs hospital was estimated. METHODS: The financial costs and benefits associated with one year's training of eight residents were estimated retrospectively. The costs were compared with estimated costs for training newly hired pharmacists without institutional experience. The residents' work output as measured by notations in progress notes was compared with that of their pharmacist preceptors, and this ratio was used in establishing an amount the institution would be willing to pay for a resident's output. RESULTS: The estimated benefit-to-cost ratio for the residency program was favorable. Hiring its residents rather than new, untrained pharmacists for full-time positions was estimated to benefit the hospital. CONCLUSION: The benefit-to-cost ratio of the residency training program was estimated to be 1.5:1. Resident productivity was estimated to save the institution $563,936 annually.

The status of PhD education in economic, social, and administrative sciences between 2005 and 2008.

OBJECTIVES: To describe the funding, education, enrollment, and graduation patterns from economic, social, and administrative sciences PhD programs in colleges and schools of pharmacy in the United States. METHODS: Economic, social, and administrative sciences PhD programs were identified from the American Association of Colleges of Pharmacy (AACP) Web site. A 41-item online survey instrument was sent to the director of graduate studies of each identified program. Only programs offering a PhD degree were included in the study. RESULTS: Of the 26 programs surveyed, 20 (77%) provided useable responses to the survey instrument. Approximately 91% of PhD programs guarantee funding to incoming students with an average commitment of 2.9 years. On average, students were paid a stipend of $18,000 per year for commitments to research and teaching assistantships, each averaging approximately 2 years in length. Programs admitted an average of 3.5 students per year and graduated approximately 85% of entering students. The majority of students are non-US citizens and accept positions in either academic or industrial positions after graduation. CONCLUSIONS: Most economic, social, and administrative sciences PhD programs guarantee funding to incoming PhD candidates. Programs offering funding packages significantly below the average may be at a competitive disadvantage. It is unclear whether the number of students graduating from PhD programs is adequate to fulfill academic and industrial needs.

Retrospective financial analysis of medication therapy management services from the pharmacy's perspective.

OBJECTIVE: To determine the net financial gain or loss for medication therapy management (MTM) services provided to patients by an independent community pharmacy during 16 months of operation. DESIGN: Retrospective study. SETTING: Independent community pharmacy in Iowa City, IA, from September 1, 2006, to December 31, 2007. PATIENTS: Patients receiving MTM services during the specified period who had proper documentation of reimbursement for the services. INTERVENTION: MTM services were provided to the patient and documented by the pharmacist or student pharmacist. MAIN OUTCOME MEASURE: Net financial gains or losses for providing MTM services. Sensitivity analyses included costs that might be incurred under various conditions of operation. RESULTS: 103 initial and 88 follow-up MTM visits were conducted during a 16-month time period. The total cost for these services to the pharmacy was $11,191.72. Total revenue from these services was $11,195.00; therefore, the pharmacy experienced a net financial gain of $3.28. Sensitivity analyses were conducted, revealing the net gain/loss to the pharmacy if a student pharmacist was used and the net gain/loss if the pharmacist needed extra training to provide the services. Using a student pharmacist resulted in a net gain of $6,308.48, while extra training for the pharmacist resulted in a net loss of $1,602.72. CONCLUSION: The MTM service programs showed a positive financial gain after 16 months of operation, which should encourage pharmacists to incorporate these services into their practice.

Conducting a successful residency research project.

The residency research project can be a challenging endeavor for pharmacy residents since they typically have limited experience in this area. Furthermore, as the number of accredited residency programs has increased, so has the demand for preceptors with research experience. This review is intended to assist the resident and preceptor by providing steps and guidance with conducting a successful residency research project. Items such as idea generation, proposing the right type of project, departmental review, and project management skills are discussed and guidance with writing the research protocol is provided. Items that must be addressed in every research protocol are described and a generalized protocol template is presented. In addition, the institutional review board review process is described and tips and pointers for obtaining approval are included. Finally, useful tools and resources are provided that can be used up front or throughout each phase of the research project.

Economic impact of a pharmacy resident in an assisted living facility-based medication therapy management program.

BACKGROUND: Pharmacists now have the opportunity to be reimbursed for providing medication therapy management (MTM) services. With 5% of the elderly population living in senior housing such as assisted living facilities, MTM programs need to be evaluated in this setting. OBJECTIVE: To evaluate the economic impact of a postgraduate year 1 (PGY1) pharmacy practice resident's interventions while performing MTM in an assisted living facility. METHODS: We conducted a prospective, evaluative study at an assisted living facility over 184 days. Patients included in the study were aged 57-100 years. MTM visits were performed by the PGY1 resident, based on the American Pharmacists Association consensus definition of the model of MTM services. The pharmacy resident prospectively collected data, including interventions made and patient demographics. Drug therapy recommendations were categorized and assessed for cost savings and acceptance by a primary care provider. RESULTS: Fifty-three patients were enrolled in the study (mean age 85.3 y). Patients were taking an average of 12 medications (prescription and nonprescription). The pharmacy resident made 125 recommendations to primary care providers; 72 of those were addressed and 90.3% of addressed recommendations were accepted. The largest category to elicit drug therapy recommendations was dose appropriateness. Of the 72 addressed recommendations, 17 (23.6%) resulted in direct cost savings totaling $3774. Costs that accrued as a result of drug therapy recommendations totaled $693. The resultant net cost-benefit was $1550, with a benefit-to-cost ratio of 1.7 and a return on investment of 70%. CONCLUSIONS: Our study demonstrates the positive value that a PGY1 pharmacy resident has on an assisted living-based MTM program, with respect to a positive drug-related cost-benefit and drug therapy recommendation acceptance.

Status of PharmD/PhD programs in colleges of pharmacy: the University of Tennessee dual PharmD/PhD program.

OBJECTIVES: To describe the University of Tennessee PharmD/PhD program and assess the prevalence and characteristics of PharmD/PhD programs in the United States. METHODS: Survey instruments were mailed in May 2004 to UT dual-degree program participants and deans of US colleges and schools of pharmacy. RESULTS: University of Tennessee PharmD/PhD students completed more than 30 hours of graduate credit before obtaining their PharmD and 72.2% agreed or strongly agreed that the program met their professional goals. More than 40% of US pharmacy colleges and schools have or plan to have PharmD/PhD programs. A wide variation exists in the level of integration, PhD concentrations offered, entrance requirements, and student benefits. Most schools with PharmD/PhD programs had few students enrolled in the program, but attrition rates were low (<20%) for 69% of the schools. CONCLUSIONS: Dual-degree programs attract and retain pharmacy students in research programs and 47.6% of graduates entered academia and industry.

Workload and cost-benefit of hospital pharmacy residents.

The workload performed by three hospital pharmacy residents during typical clinical rotations was quantified then subjected to cost-benefit analysis. Daily activities and interventions were recorded on standardized forms for a four-week period. The cost of a resident to provide direct patient care services was compared to that of a staff pharmacist. In addition, the balance of the residents' salary and partial salaries of any pharmacists spending time with the residents were included in the cost analysis. The interventions were analyzed for their impact on patient care and potential cost avoidance by an external review committee. Collectively, more than 660 hours were recorded. Fifty-two percent of hospital time was spent on education-related activities and 32 percent on the provision of clinical services. Thirty interventions were submitted to a review panel of three physicians. Of the 90 evaluations, 76 percent were considered to have a positive impact on patient care, 22 percent no effect, and two percent a potentially detrimental effect. In one case, reviewers thought that hospitalization could have been prolonged had the intervention not occurred. Cost-benefit analysis yielded a ratio of 1.4 to 1 in favour of the residents. While the major benefit of a residency program is the perceived long-term benefit to the profession and patients, this study suggests that even during their residency year, hospital pharmacy residents provide cost-beneficial clinical services.