Benefits of Doing a Residency or Fellowship after PharmD

[FuturePharm21]

I'm trying to decide if it's worth applying for residency or industry/research fellowship after finishing my PharmD next May.

Do you get paid more for doing a fellowship or residency for 2 years because I know during that time you only get paid like 40 grand and you can also go the retail or hospital route and get paid 100 grand if I avoid the residency route?

So what are the benefits? higher salary? more options like what?

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[pharmd201389]

This topic has been done to death. There's obvious pros and cons on both sides, but the ultimate decision comes to you. How important is making money to you? Do you like being a clinical pharmacist? Doing presentations, partaking in research, etc? Or do you like being in the community setting, leading a team, giving advice and counseling patients while verifying scripts?

There's no right or wrong answer. Do you work in retail? Go work in retail for at least 6 months, and then you will know what you want to do for the rest of your life.

 

[samisab786]

I'm trying to decide if it's worth applying for residency or industry/research fellowship after finishing my PharmD next May.

Do you get paid more for doing a fellowship or residency for 2 years because I know during that time you only get paid like 40 grand and you can also go the retail or hospital route and get paid 100 grand if I avoid the residency route?

So what are the benefits? higher salary? more options like what?

As far as I know, a residency is not meant to be an avenue for a higher salary: it's mainly for having training and certification to work in more clinical roles. Also, many people I know seem to chose residency because, depending on your program, you can get a teaching certification to teach at pharmacy schools. Like the person above stated, it's a personal decision and depends what position you are interested in.

 

[FutureDO2016]

Good to know. Still learning about opportunities and potential routes after pharm school

 

[samisab786]

Good to know. Still learning about opportunities and potential routes after pharm school

same and I'm a P4 lulz

 

[FutureDO2016]

So from what I gather, pharmacy students that do residencies work in a different setting than retail and make the same money? I guess I don't mind retail and would rather be done sooner than later so retail it is....now to find a job in Chicago:X

 

[xiphoid2010]

So from what I gather, pharmacy students that do residencies work in a different setting than retail and make the same money? I guess I don't mind retail and would rather be done sooner than later so retail it is....now to find a job in Chicago:X

Before jumping to that conclusion, ask other retail pharmacists if they would rather be working in other pharmacy settings. Ignorance is bliss, and newborn pups know no fear.

 

[joetrisman]

Before jumping to that conclusion, ask other retail pharmacists if they would rather be working in other pharmacy settings. Ignorance is bliss, and newborn pups know no fear.

After working retail for years, I was on my first staffing weekend of residency and it became abundantly clear that being able to sit down, like a normal person, for the majority of my shift was worth whatever pay difference there is between retail and hospital.

 

[BenJammin]

After working retail for years, I was on my first staffing weekend of residency and it became abundantly clear that being able to sit down, like a normal person, for the majority of my shift was worth whatever pay difference there is between retail and hospital.

Speak for yourself. I had a fraternity brother once tell me "I care about my quality of life, Ben, so I would rather die than work as a staff pharmacist in a hospital sitting down for most of the day."

 

[Bubblewrap]

What exactly is a fellowship? Is it a type of training to become a retail pharmacist?
Sorry, I've only heard about residencies.

 

[spacecowgirl]

Speak for yourself. I had a fraternity brother once tell me "I care about my quality of life, Ben, so I would rather die than work as a staff pharmacist in a hospital sitting down for most of the day."

There's your daily dose of hyperbole.

I think the PP was speaking for themselves.

 

[BenJammin]

I just hate the student assumption that hospital is better than retail as if the two are like freedom and slavery. Hospital and retail are really like Coke and Pepsi. They certainly have their ups and downs but it's an individual kind of thing. I'm certainly learning that right now which is why I'm considering PA or med school, even thinking retail in the back of my mind.

 

[samisab786]

residency sounds just like the thing I want to do, I am just upset that I could not find intern work and it really seems to blare that my chance is minimal

 

[Praziquantel86]

What exactly is a fellowship? Is it a type of training to become a retail pharmacist?
Sorry, I've only heard about residencies.

Fellowship is definitely not retail training. The academic fellowships are research-intensive, focused on training people in bench or clinical research with the goal of creating an independent investigator. They are typically two (or more years) long, with many occurring after residency is done.

Industry fellowships are more of a gateway to working in industry, but I can't speak too much about the experience gained during one. Each fellowship (academic or industry) is very unique, with no accrediting body guiding them in one direction or another.

 

[Lnsean]

After working retail for years, I was on my first staffing weekend of residency and it became abundantly clear that being able to sit down, like a normal person, for the majority of my shift was worth whatever pay difference there is between retail and hospital.

I did a hospital dispensing rotation...and I would rather gouge my eyes out with a pencil than sit around all day in a basement.

 

[xiphoid2010]

I did a hospital dispensing rotation...and I would rather gouge my eyes out with a pencil than sit around all day in a basement.

I don't know man, I rather not have the view of a drivethru.

 

[bananaface]

Moving to the relevant subforum.

 

[MedAffairer]

I'm trying to decide if it's worth applying for residency or industry/research fellowship after finishing my PharmD next May.

Do you get paid more for doing a fellowship or residency for 2 years because I know during that time you only get paid like 40 grand and you can also go the retail or hospital route and get paid 100 grand if I avoid the residency route?

So what are the benefits? higher salary? more options like what?

Pay for fellowship is generally pretty low - after taxes you are probably looking at around 35k more or less. Fellowships that are not co-sponsored by an academic institution tend to be higher (i.e. Baxter, Abbott PDP, Lilly's VSP) because there is no school to take a cut (50-60k after taxes). Fellowships can be from 1 to 3 years - longer ones tend to groom fellows into a manager position following the fellowship; however, I have seen 1 year fellows come out as manager.

As a pharmacist in industry, you are generally looking at a 25-30% pay-cut starting out. You won't be seeing a retail pharmacist salary until a manager position. After that, sky is the limit - directors and above tend to make 180k++ after bonus.

Benefits working in industry: you can potentially make more, more opportunities to move around in different functional areas or move up, some big pharmas still offer pension AND 401k matching, other perks.

I work in both retail and industry - the money is great working in retail, but I find it more appealing and mentally stimulating working in industry.

My recommendation is this: if you are mostly in it for the money and you are okay with working as a community pharmacist for many years to come, go with retail. If you want to set yourself up with more potential opportunities in the future and/or you enjoy the corporate or clinical setting, go with a fellowship or residency. I have seen clinical pharmacists with residencies go into industry.

 

[MedAffairer]

What exactly is a fellowship? Is it a type of training to become a retail pharmacist?
Sorry, I've only heard about residencies.

There are generally 2 types of fellowships: academic research fellowships and industry fellowships. I am more familiar with the latter.

Industry fellowships prepare PharmDs for any of the following functional roles in industry: pharmacovigilance/drug safety, clinical research/development, regulatory affairs, medical affairs (including MSL roles, medical information, medical communication), health economics and outcomes, business strategy or intelligence, etc.)

There is another thread somewhere by IndustrypharmD that outlines the different roles for pharmacists in industry.

 

[xiphoid2010]

My last contact within Pfizer was not looking too good for industry fellowships. My contact who used to post marketing safety, outcomes and information had his division cut down from 200 to 60 pharmDs. I hope others big pharma are doing better. Don't know if clinical trials are doing well, but last I saw more of that is being outsourced to CROs.

 

[TheMadPharmer]

I'm trying to decide if it's worth applying for residency or industry/research fellowship after finishing my PharmD next May.

Do you get paid more for doing a fellowship or residency for 2 years because I know during that time you only get paid like 40 grand and you can also go the retail or hospital route and get paid 100 grand if I avoid the residency route?

So what are the benefits? higher salary? more options like what?

You will typically get the 40-50k range in a fellowship or residency.... but sky's the limit after a PGY1/2 or a fellowship...

I definitely recommend checking out a clinical rotation and an industry rotation to see if you may like those settings