In this article, we will look at the 15 highest-paying countries for pharmacists. We have also analyzed the pharmacy industry along with its key market players. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Pharmacists.
The global Pharmacy Benefit Management (PBM) market was valued at $513.98 billion in 2022, and it is expected to reach $809.79 billion by 2030, with a projected CAGR of 6.0% from 2023 to 2030. This growth can be attributed to the rise of chronic diseases, increasing costs of drugs, and skyrocketing demand for specialty drugs.
Moreover, the rise of telemedicine and remote work in the pharmacy industry has become the new norm. The increasing influence of telemedicine and telehealth services has created a demand for remote pharmacy consultations and prescription order entry. This rise has been accelerated by the COVID-19 pandemic which highlighted the importance of remote healthcare access.
There is no doubt that internet penetration and the growing number of internet users have a pertinent role in facilitating telepharmacy services. Access to the internet allows patients to connect with pharmacists virtually and enables consultations and prescription fulfillment from the comfort of their homes. Moreover, telepharmacy offers cost savings and operational efficiencies for healthcare providers. This also explains why telemedicine has become one of the best work-from-jobs for 2023.
Speaking of cost savings, to address the high pharmaceutical costs, CVS Health Corp (NYSE:CVS) Caremark has launched Caremark Cost Saver, a program in partnership with GoodRx Holdings Inc (NASDAQ:GDRX), with an aim to reduce pharmacy out-of-pocket expenses. This initiative benefits CVS Caremark’s eligible members as it automatically grants them access to GoodRx Holdings Inc (NASDAQ:GDRX)’s prescription pricing for lower-cost general medications.
Patients using this service can save on their drug costs at the pharmacy counter. The amount saved is applied towards members’ deductibles and out-of-pocket limits. No action is required from plan members which further simplifies the process for tens of millions of Americans served by CVS Health Corp (NYSE:CVS) Caremark.
It is also worth noting that CVS Health Corp (NYSE:CVS) has been trying to position itself at the forefront of healthcare transformation as they are cutting approximately 5,000 corporate-level jobs. They have done so to shift their focus and spending towards healthcare by focusing on its stores, pharmacies, and clinics.
This move was followed by CVS Health Corp (NYSE:CVS)’s acquisition of primary care provider Oak Street Health for $10.6 billion and its earlier acquisition of Signify Health for $8 billion, as the company continued to expand into the healthcare sector.
On the financial end, CVS Health Corp (NYSE:CVS) reported its first-quarter results, with earnings per share of $2.20, even though the expectation was $2.09, and revenue of $85.28 billion, compared to an expected $80.81 billion. However, their Q1 profit was $2.14 billion, down from $2.35 billion a year earlier. They attributed the decrease to costs related to their recent acquisitions.
ClearBridge Value Equity Strategy made the following comment about CVS Health Corporation (NYSE:CVS) in its first quarter 2023 investor letter:
“At the same time, we exited health insurance company Cigna, whose strong outperformance over the last year has resulted in shares trading at a significant premium relative to competitor CVS Health Corporation (NYSE:CVS). Additionally, we view CVS Health’s underperformance as driven by temporary issues and believe it has a good likelihood of succeeding in its improvement initiatives following upgrades to the management team and its acquisition of Oak Street Health. As a result, we elected to swap our position in Cigna into CVS Health to capitalize on the valuation gap while maintaining similar exposure within the sector.”
On the other hand, GoodRx Holdings Inc (NASDAQ:GDRX) is offering savings on antivirals, medications, and vaccines for the upcoming cold and flu season. Last flu season in 2022, the CDC reported over 27 million illnesses, 300,000 hospitalizations, and 19,000 deaths of influenza. GoodRx Holdings Inc (NASDAQ:GDRX) aims to make flu shots more accessible as they are collaborating with Walgreen Company, Walmart Inc (NYSE:WMT), and Weis Markets Inc (NYSE:WMK) to provide flat-rate pricing for flu shots. Prices are under $40 for ages 6 months to 64 years and under $70 for those 65 and older. GoodRx Holdings Inc (NASDAQ:GDRX) also facilitates access to antivirals and medications for flu treatment by advising annual flu shots and potentially separate administration of the RSV vaccine for optimal protection during the tripledemic of flu, COVID-19, and RSV.
Owing to their exceptional pricing strategies, here is what Saga Partners has to say about GoodRx Holdings, Inc. (NASDAQ:GDRX) in its Q2 2022 investor letter:
“The Portfolio first bought GoodRx at the end of 2020. I discussed the initial thesis in the H1’21 Investor Letter explaining how GoodRx is a prescription marketplace. GoodRx aggregates all available prescription prices across pharmacy benefit managers (PBMs). PBMs are the companies that negotiate prescription pricing with pharmacies on behalf of their insured customers. Historically, uninsured patients had to pay excessively high retail cash prices for prescriptions as a consequence of the contracts between pharmacies and PBMs. Through a discount card provider like GoodRx, consumers could get a coupon to access the much lower PBM prices. PBMs benefitted from discount cards generating incremental demand and earning the administration fees paid by pharmacies. PBMs then shared part of their administration fee with GoodRx.
As the prescription discount card space developed, GoodRx established itself as the dominant company with the second largest company (SingleCare) being about quarter of its size. Part of GoodRx’s success was their patent that enables only them to contract with multiple PBMs on a single interface. This meant that it was likely that the lowest prescription prices for people not using insurance were likely to be found on GoodRx, attracting more customers to GoodRx’s platform, which further incentivized PBMs to offer even lower prices on GoodRx to win that demand…” (Click here to see the full text)”
Methodology
To list the highest-paying countries for pharmacists, we identified the countries with the highest demand for pharmacists and then made a list for 23 countries with the average salaries for pharmacists. Of those 23, the 15 with the highest average salaries were selected and have been ranked. We acquired the data for the average salaries of pharmacists for each country from ERI Economic Research Institute. The list is presented in ascending order.
Here is a list of the highest-paying countries for pharmacists.
15. France
Average Salary: $78,395
To practice in France as a pharmacist, individuals must be registered with the Chamber of Pharmacists and meet strict qualifications requirements, competence, and ethical standards. While pharmacists must complete a six-year PharmD program, they also have plenty of options for post-graduate specialties like clinical practice or laboratory medicine. France is one of the highest-paying countries for pharmacists
14. Germany
Average Salary: $85,197
To practice as a foreign pharmacist in Germany, you need to obtain approval, known as “approbation,” from the competent authorities in the respective German state. This process involves submitting your qualifications for evaluation, language proficiency, and passing a knowledge test. The specific requirements may vary by state. Germany is also one of the highest paying countries for cyber security experts.
13. Netherlands
Average Salary: $86,860
To work as a pharmacist in the Netherlands, one must meet specific requirements like fluency in Dutch is essential, as pharmacists have to work with Dutch-speaking patients. They also need a recognized pharmacy degree, which may require sending one’s foreign diploma for evaluation. Then, passing the AKV test, assessing the degree, and obtaining a Declaration of Professional Competence are following necessary steps. Additionally, one also needs a job offer from a Dutch employer to apply for a work permit. The entire process can vary in duration but typically takes several months to complete. Pharmacist salaries in the Netherlands vary based on qualifications and experience. However, generally, it is one of the top-paying countries for pharmacists in the world.
12. Austria
Average Salary: $87,433
Austria had a pharmaceutical market estimated at $9.2 billion in 2021, with 15% of total healthcare spending directed towards pharmaceuticals. The country’s pharmaceutical industry is led by companies like Boehringer Ingelheim Group, Novartis AG (NYSE:NVS), and Pfizer Inc (NYSE:PFE). With over $14 billion in pharmaceutical exports in 2020 and growing domestic production, Austria offers pharmacists a promising career pathway. Its healthcare system, which covers 99% of the population, ensures stability for the sector and hence, promising employment opportunities for pharmacists. Austria is one of the highest-paying countries for pharmacists.
11. Norway
Average Salary: $90,610
To practice as a pharmacist in Norway, you need a bachelor’s or master’s degree in Pharmacy, equivalent to Norwegian standards. After obtaining your degree, you must apply for authorization from the Norwegian Directorate of Health. Additionally, you typically require a residence permit, unless you’re an EU/EEA/EFTA citizen, in which case registration with the police suffices. Proficiency in the Norwegian language is often necessary for pharmacy work in Norway, and pharmacists from non-EU/EEC countries may need to complete national courses and pass relevant tests. It is one of the highest-paying countries for pharmacists in Europe.
10. Belgium
Average Salary: $91,219
Belgium is home to renowned pharmaceutical companies like UCB S.A, Janssen Pharmaceutica, and GSK plc (NYSE:GSK) that provide ample job opportunities. Belgium’s central location in Europe also benefits its role in the pharmaceutical sector. Belgium is one of the highest-paying countries for data scientists.
9. New Zealand
Average Salary: $91,458
To become a pharmacist in New Zealand, one has to complete a Bachelor of Pharmacy from a recognized university like the University of Auckland or the University of Otago, followed by a one-year internship in a hospital or community pharmacy. The next step is to register with the Pharmacy Council of New Zealand to practice as a licensed pharmacist. New Zealand is one of the highest-paying countries for pharmacists.
8. Canada
Average Salary: $98,742
To become a licensed pharmacist in Canada, you need a pharmacy degree from a Canadian university, pass the PEBC national board examination (except in Québec), and gain practical experience through an internship, all the while demonstrating fluency in English or French. Licensing is regulated provincially, and international pharmacy graduates have specific pathways through programs like the International Pharmacy Graduate Program and the International Pharmacy Bridging Program. It is a country with a high demand for pharmacists as well as the best country for pharmacist immigration.
7. Australia
Average Salary: $99,174
To become a registered pharmacist in Australia, individuals must complete an accredited university pharmacy degree with prerequisites in subjects like Biology and Chemistry. After graduation, students complete an intern training program and pass the Pharmacy Board of Australia’s registration exam to become eligible for general registration as pharmacists. International practitioners may also need to register and undergo further examination. Australia is one of the best countries for pharmacists to work for.
6. United Arab Emirates (UAE)
Average Salary: 101,360
To become a pharmacist in Dubai, a minimum of two years of experience in a retail pharmacy, a diploma or degree in pharmacy, along passing the Dubai Health Authority (DHA) registration exam are necessary. Centers like the Pharma International Institute provide coaching for exams like DHA, MOH, KAPS, PEBC, HAAD, and Prometric. UAE is one of the highest paying countries for ESL teachers.
Click here to see the 5 Highest Paying Countries for Pharmacists.
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Disclosure: None. 15 Highest Paying Countries for Pharmacists is originally published on Insider Monkey.