Pharmacy directors see healthy increase in pay in 2003
MANAGED CARE April 2004. ©MediMedia USA
Salaries of pharmacy directors in 2003 were up substantially from 2002. Data from the 2003 Managed Care Compensation Report issued by the Hay Group, a global management consultancy specializing in human resource issues, suggest directors of pharmacy received a 14.3 percent increase in base salary from 2002 to 2003. The survey includes responses from 42 managed care organizations across the U.S. Eleven were for-profit companies.
Median total direct compensation was also higher. Pharmacy directors at for-profit organizations reported a median total direct compensation of $111,300 in 2002, compared to $130,300 in 2003, a gain of 14.5 percent. At the not-for-profits, median total direct compensation was slightly lower: $120,300 in 2003 and $120,600 in 2002. Total direct compensation is the sum of base salary, bonus, and long-term value investments (e.g., stock options). According to the Hay Group, this movement reflects the increased importance many of these positions hold in the financial and clinical success of the organization. The pressure to find the right people delivering the right results in these jobs is likely to continue.
SOURCE: 2002–2003 MANAGED CARE COMPENSATION REPORT, THE HAY GROUP, INC.