Economic Impact of Pharmacy Graduates on a Regional Economy

Objectives. To analyze the impact of recent pharmacy graduates on a local economy. Methods. Input-output analysis was applied to data from Spokane County, Washington, in 2006 and the findings were reviewed and conclusions were drawn. Results. The local college of pharmacy added nearly $1 million (in 2006) directly to the local economy. New pharmacists added nearly $400,000 in direct value. However, because the graduates alleviated a shortage of pharmacists in the area, thereby avoiding both the tangible and intangible (eg, human health) economic costs of a continued shortage, the true economic impact may have been even greater. Conclusions. Doctor of pharmacy (PharmD) graduates entering the workforce add substantial value, both to the local retail pharmacy industry specifically and the local economy in general. Thus, the economic impact of the pharmacy practice program training these students is also substantial.