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A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere

Undertaking a pharmacy education is an investment in human capital. Candidates trade off present versus future costs and benefits. They make this investment with the expectation of earning enough income throughout their worklives to make their undertaking financially worthwhile. Whether or not this...

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Autores principales: Carvajal, Manuel J., Popovici, Ioana
Formato: Online Artículo Texto
Lenguaje:English
Publicado: MDPI 2020
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7560068/
https://www.ncbi.nlm.nih.gov/pubmed/32899113
http://dx.doi.org/10.3390/pharmacy8030162
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author Carvajal, Manuel J.
Popovici, Ioana
author_facet Carvajal, Manuel J.
Popovici, Ioana
author_sort Carvajal, Manuel J.
collection PubMed
description Undertaking a pharmacy education is an investment in human capital. Candidates trade off present versus future costs and benefits. They make this investment with the expectation of earning enough income throughout their worklives to make their undertaking financially worthwhile. Whether or not this occurs is determined by the rate of return. The aim of the current study was to construct a theoretical model to estimate the rate of return to a pharmacy education investment. Specifications for model assumptions, inputs, and outputs are discussed. The outputs are the rates of return, the inputs are the costs and benefits of a pharmacy education, and the assumptions illustrate the circumstances of the individual or group for whom the model is built. The rate of return is the annual percentage that equates the streams of benefits and costs over the investment span. The higher the value of the rate of return to a pharmacy education is, the more profitable is the investment. This theoretical model may be used to estimate the financial viability of pharmacy and compare it to the viability of other professions or to the viability of pharmacy among various locations.
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spelling pubmed-75600682020-10-22 A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere Carvajal, Manuel J. Popovici, Ioana Pharmacy (Basel) Article Undertaking a pharmacy education is an investment in human capital. Candidates trade off present versus future costs and benefits. They make this investment with the expectation of earning enough income throughout their worklives to make their undertaking financially worthwhile. Whether or not this occurs is determined by the rate of return. The aim of the current study was to construct a theoretical model to estimate the rate of return to a pharmacy education investment. Specifications for model assumptions, inputs, and outputs are discussed. The outputs are the rates of return, the inputs are the costs and benefits of a pharmacy education, and the assumptions illustrate the circumstances of the individual or group for whom the model is built. The rate of return is the annual percentage that equates the streams of benefits and costs over the investment span. The higher the value of the rate of return to a pharmacy education is, the more profitable is the investment. This theoretical model may be used to estimate the financial viability of pharmacy and compare it to the viability of other professions or to the viability of pharmacy among various locations. MDPI 2020-09-03 /pmc/articles/PMC7560068/ /pubmed/32899113 http://dx.doi.org/10.3390/pharmacy8030162 Text en © 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
spellingShingle Article
Carvajal, Manuel J.
Popovici, Ioana
A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere
title A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere
title_full A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere
title_fullStr A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere
title_full_unstemmed A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere
title_short A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere
title_sort theoretical framework for estimating the rate of return to a pharmacy education anywhere
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7560068/
https://www.ncbi.nlm.nih.gov/pubmed/32899113
http://dx.doi.org/10.3390/pharmacy8030162
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