Depending on your school and where it is located in the country, this is fairly straightforward because most schools tend to be aligned one-way or another. Most of the time, they speak only of "pharmacy residencies".
While you may be one of the lucky few who knows which post-graduate pharmacy program you are interested in going to, many people are always confused on the difference between a “Pharmacy Residency” and a “Pharmacy Fellowship.” Please note that these terms mean something different in other fields (ie, medical programs, research opportunities, etc.)
To define Pharmacy Residency for OUR purposes, we will refer to Pharmacy Residency as a post-graduate program focused on clinical pharmacy practice in a institutional setting. These are typically broken into Post-graduate year 1 (PGY1) and Post-graduate year 2 (PGY2). Residents who successfully complete a PGY1 would have to apply for a PGY2 program, if they are interested in doing so. Most programs would be expected to be ACCP accredited, but there may be programs who are still working towards accreditation. You would be able to find more through ASHP PPS.
(Another note: there are residencies in managed care and community pharmacy settings as well)
To define Pharmacy Fellowships for OUR purposes, we will refer to Pharmacy Fellowships as post-graduate program focused on developing skillsets for PharmD graduate which can make him/her successful in the pharmaceutical industry. These programs can be between 1-2 years in length. There are a wide range of functional fields which are described in this website (ie, medical affairs, regulatory affairs, etc.)
While you may be one of the lucky few who knows which post-graduate pharmacy program you are interested in going to, many people are always confused on the difference between a “Pharmacy Residency” and a “Pharmacy Fellowship.” Please note that these terms mean something different in other fields (ie, medical programs, research opportunities, etc.)
To define Pharmacy Residency for OUR purposes, we will refer to Pharmacy Residency as a post-graduate program focused on clinical pharmacy practice in a institutional setting. These are typically broken into Post-graduate year 1 (PGY1) and Post-graduate year 2 (PGY2). Residents who successfully complete a PGY1 would have to apply for a PGY2 program, if they are interested in doing so. Most programs would be expected to be ACCP accredited, but there may be programs who are still working towards accreditation. You would be able to find more through ASHP PPS.
(Another note: there are residencies in managed care and community pharmacy settings as well)
To define Pharmacy Fellowships for OUR purposes, we will refer to Pharmacy Fellowships as post-graduate program focused on developing skillsets for PharmD graduate which can make him/her successful in the pharmaceutical industry. These programs can be between 1-2 years in length. There are a wide range of functional fields which are described in this website (ie, medical affairs, regulatory affairs, etc.)
These programs are all highly competitive and take months of time for preparation. On average, most residencies and fellowships will pay between $35,000- $45,000 per year. While this may be a significant pay-cut vs. the (almost) guaranteed an average of $120k coming out of pharmacy school (ceiling salary), those who typically complete a fellowship can expect a much higher salary in the long-run ($150K+) due to the unique skillsets that you have developed. This coupled with more opportunities for career growth and lifestyle, are some of the few reasons that these programs remain competitive.
OVERVIEW OF POST-PHARMD PHARMACEUTICAL INDUSTRY FELLOWSHIPS
Fellowships are essentially a gateway for Pharm.D. graduate into the Pharmaceutical Industry. It allows you to cultivate your abilities for a successful care in the pharmaceutical industry over a period of 12-24 months. While you don’t need a fellowship to get into the industry, it affords you an easier and quicker path into the pharmaceutical industry.
While you may think of the pharmaceutical industry as one encompassing option post-pharmacy school, there are actually multiple different segments within a pharmaceutical company. Think of how any major company works like Coca-Cola or Apple. They have cross-functional teams of diverse people from marketing, sales, legal, engineering, etc. This is the same in the pharmaceutical industry.
The great thing about being a pharmacist within the pharmaceutical industry is that you have many opportunities (across functional groups) given your strong clinical background. These functional groups which have historically had successful individuals with a pharmacy background correspond to the types of fellowships that are offered across the country.
Examples of types of Post-PharmD Pharmaceutical Industry Fellowships include:
Fellowships are essentially a gateway for Pharm.D. graduate into the Pharmaceutical Industry. It allows you to cultivate your abilities for a successful care in the pharmaceutical industry over a period of 12-24 months. While you don’t need a fellowship to get into the industry, it affords you an easier and quicker path into the pharmaceutical industry.
While you may think of the pharmaceutical industry as one encompassing option post-pharmacy school, there are actually multiple different segments within a pharmaceutical company. Think of how any major company works like Coca-Cola or Apple. They have cross-functional teams of diverse people from marketing, sales, legal, engineering, etc. This is the same in the pharmaceutical industry.
The great thing about being a pharmacist within the pharmaceutical industry is that you have many opportunities (across functional groups) given your strong clinical background. These functional groups which have historically had successful individuals with a pharmacy background correspond to the types of fellowships that are offered across the country.
Examples of types of Post-PharmD Pharmaceutical Industry Fellowships include:
- Medical Affairs/Medical Information (most common)
- Regulatory Affairs
- Clinical Development/Research
- Drug Safety/Pharmacovigilance
- Health Economics and Outcomes Research
- Managed Care/Managed Markets
- Marketing/Market Research
Please note that these “titles” differ based on company, but we’ve listed some of the core groups. Each company can have slight modifications of these titles.
These programs are highly competitive and in-demand, hence selection committees are extremely selective of their candidates.
So, how do you get into a fellowship? There is a long-process, but if you prepare yourself in advance, you will set yourself up for success.
If you are in you are a P1, P2, or P3 student (first, second, or third professional year of 4), then check out the “Setting yourself up early” section.
If you are a P4 (last professional year and graduating), please check the “ASHP Midyear” Section
These programs are highly competitive and in-demand, hence selection committees are extremely selective of their candidates.
So, how do you get into a fellowship? There is a long-process, but if you prepare yourself in advance, you will set yourself up for success.
If you are in you are a P1, P2, or P3 student (first, second, or third professional year of 4), then check out the “Setting yourself up early” section.
If you are a P4 (last professional year and graduating), please check the “ASHP Midyear” Section