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Published Jul 31, 2024

The Pharmacy Staffing Shortage, Is the US College Price Tag Still Worth It? and Why You Should Say Yes More Often

Scott Galloway delves into the U.S. pharmacy staffing crisis caused by low wages and industry concentration, evaluates the cost-benefit of American college education compared to global options, and shares insights on embracing new opportunities during life transitions for personal growth.
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  • Workforce Issues

    The pharmacy industry is grappling with significant workforce challenges, primarily due to a shortage of technicians and low wages. highlights that applications to pharmacy schools have plummeted by 64% over the past decade, exacerbating the staffing crisis 1. This shortage has led to protests like "Pharmageddon," where workers staged nationwide walkouts to demand better conditions 1.

    According to the American Association of Colleges of Pharmacy, applications to pharmacy schools have declined 64%, from nearly 100,000 in 2012 to about 36,000 in 2022.

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    The market's response to this crisis is expected to drive up wages, similar to trends seen in nursing, as demand for pharmacists continues to outpace supply 2.

       

    Corporate Role

    Corporations play a crucial role in addressing the pharmacy staffing shortage. notes that major retailers like Walgreens and CVS are investing in automation and partnerships with pharmacy schools to boost enrollment and streamline operations 1. These efforts aim to alleviate the burden on pharmacists by reducing manual tasks and increasing the workforce pipeline.

    National retailers, including Walgreens and CVS Health, are investing heavily in automation and micro fulfillment centers, where robots handle most of the tasks to streamline and reduce the workload.

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    However, the effectiveness of these strategies remains to be seen, as the industry must also address underlying issues such as burnout and job dissatisfaction 1.

       

    Power Dynamics

    The concentration of power within the pharmacy industry significantly impacts staffing shortages. argues that the dominance of a few major players, like CVS and Walgreens, limits competition and suppresses wage growth 2. This concentration allows these corporations to set wages and conditions, contributing to the ongoing crisis.

    I think it's another example of the concentration of power in an industry is not a good thing.

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    While the market may eventually self-correct, the process is hindered by regulatory capture and the entrenched power of these corporations 2.

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