Economic Aspects, Economic Assessment and Career Preferences of Doctor of Pharmacy (PharmD) Students in India

Abstract

Background: PharmD study program is newer in India. There is tremendous scope for this study program in the country but it will take more time for PharmD to get well developed as a firm career option for the current and prospective students. Therefore, we aimed to determine the economic aspects of the Indian PharmD students. We also conducted the cost benefit analysis of the study program and analyzed the career preferences of the students. Methods: A 30-item questionnaire was developed, validated and administered to the current PharmD students in the nation. The web-based survey instrument was launched by following modes- through Head of the institute/department, faculties, class representatives, Facebook groups, What’s app groups and personal contacts. Cost benefit analysis of the economic data was conducted. Results: Total 253 students responded to the survey from various states of India. The average values for selected parameters were as follows (in Indian Rupees)- Annual fee- 1,10,277.18 (

667.07), Loan/borrowing taken- 1,07,905.25 (

631.22), Monthly internship stipend- 334.04 ($5.05), Scholarship/funding received during PharmD- 4802.44 ($72.59), Expected monthly salary- 36,156.63 ($546.58). Benefits to costs ratio was 1.34. In jobs, 61.26% students opted to become clinical pharmacists. Conclusion: The cost benefit analysis reflected the PharmD degree to be beneficial. Though not perfectly implementable, our study provides valuable future directions to policy makers, forthcoming researchers, and the PharmD students.