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Pharmaceutical Economics Major

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Pharmaceutical Economics

0 Bachelor's Degrees Annually
65 Master's Degrees Annually
#141 in Popularity
$123,670 Median Salary

Types of Degrees Pharmaceutical Economics Majors Are Getting

The following table lists how many pharmacoeconomics/pharmaceutical economics graduations there were in 2018-2019 for each degree level.

Education Level Number of Grads
Master’s Degree 65
Doctor’s Degree 23

What Pharmaceutical Economics Majors Need to Know

People with careers related to pharmacoeconomics/pharmaceutical economics were asked what knowledge areas, skills, and abilities were important for their jobs. They weighted these areas on a scale of 1 to 5 with 5 being the highest.

Knowledge Areas for Pharmacoeconomics/Pharmaceutical Economics Majors

Pharmacoeconomics/Pharmaceutical Economics majors often go into careers in which the following knowledge areas are important:

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  • Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Chemistry - Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Skills for Pharmacoeconomics/Pharmaceutical Economics Majors

The following list of skills has been highlighted as some of the most essential for careers related to pharmacoeconomics/pharmaceutical economics:

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  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Instructing - Teaching others how to do something.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Speaking - Talking to others to convey information effectively.

Abilities for Pharmacoeconomics/Pharmaceutical Economics Majors

Some of the most crucial abilities to master while a pharmacoeconomics/pharmaceutical economics student include the following:

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  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Near Vision - The ability to see details at close range (within a few feet of the observer).

What Can You Do With a Pharmaceutical Economics Major?

Below is a list of occupations associated with pharmacoeconomics/pharmaceutical economics:

Job Title Job Growth Rate Median Salary
Pharmacists 5.6% $126,120

How Much Do Pharmaceutical Economics Majors Make?

Salaries According to BLS

Pharmacoeconomics/Pharmaceutical Economics majors often go into careers with median salaries of $123,670. This median refers to all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Median Salary for a Pharmaceutical Economics Major  123,670
0K
250K
Median Salary for a High School Graduate  ( 30000 to 57900 )
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250K
Median Salary for a Bachelor's Degree Holder  ( 45600 to 99000 )
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250K
Median Salary for an Advanced Degree Holder  ( 55600 to 125400 )
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250K

Some careers associated with pharmacoeconomics/pharmaceutical economics require an advanced degree while some may not even require a bachelor’s. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

How much schooling do you really need to compete in today’s job market? People currently working in careers related to pharmacoeconomics/pharmaceutical economics have obtained the following education levels.

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Education Level Percentage of Workers
Bachelor’s Degree 9.8%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master. 11.3%
Master’s Degree 3.7%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level. 0.3%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession. 37.5%
Doctoral Degree 36.8%
Post-Doctoral Training 0.6%

Online Pharmaceutical Economics Programs

In 2018-2019, 14 schools offered a pharmacoeconomics/pharmaceutical economics program of some type. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level Colleges Offering Programs Colleges Offering Online Classes
Certificate (Less Than 1 Year) 0 0
Certificate (1-2 years) 0 0
Certificate (2-4 Years) 0 0
Associate’s Degree 0 0
Bachelor’s Degree 0 0
Post-Baccalaureate 0 0
Master’s Degree 11 1
Post-Master’s 0 0
Doctor’s Degree (Research) 9 0
Doctor’s Degree (Professional Practice) 1 0
Doctor’s Degree (Other) 0 0

Is a Degree in Pharmaceutical Economics Worth It?

The median salary for a pharmacoeconomics/pharmaceutical economics grad is $123,670 per year. This is based on the weighted average of the most common careers associated with the major.

This is 210% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,675,400 after 20 years!

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You may also be interested in one of the following majors related to pharmacoeconomics/pharmaceutical economics.

Major Number of Grads
Pharmacy 15,993
Pharmaceutical Sciences 1,409
Other Pharmacy, Pharmaceutical Sciences, and Administration 906
Pharmaceutics and Drug Design 500
Pharmacy Administration and Pharmacy Policy and Regulatory Affairs 320
Medicinal and Pharmaceutical Chemistry 179
Clinical and Industrial Drug Development 169
Pharmaceutical Marketing and Management 89
Industrial and Physical Pharmacy and Cosmetic Sciences 83
Clinical, Hospital, and Managed Care Pharmacy 21
Natural Products Chemistry and Pharmacognosy 10

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

More about our data sources and methodologies.

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