It's confusing because there are different types of pharmacy schools with different admissions requirements, although they all award a PharmD at the end. The PharmD is known as a "first professional degree" so for most programs there is no BS awarded - you spend 3-5 years as an undergrad and then are considered a grad student (the undergrad vs grad varies by school and is primarily a consideration for financial reasons).
There are about 8 "0-6" schools now - they accept students directly from high school and guarantee a seat for all 6 years provided you complete your coursework with a certain gpa. Many schools are known as "2+4", meaning you complete your pre-requisites there or at another school, generally take the PCAT (most but not all require this) and apply for admission to the PharmD program. Some of the 2+4 schools offer guaranteed entry for their own pre-pharmacy students, contingent on maintaining a certain gpa. Some of the 2+4's are becoming 3+4's or have that option as pre-reqs are generally increasing in number (and difficulty). Finally, there are some schools that only accept students with a BA/BS - I think this is generally a west coast thing but could become a trend.
The best source for info about the types and specifics of pharmacy schools is aacp.org - look for the student links and PSAR tables. There's also very active pre-pharmacy and pharmacy forums on the Student Doctor Network site.
As far as competition, overall there are many more pharmacy schools (and therefore, seats) than med schools. Those with gpa's over 3.0 and solid LOR's, PCAT scores, and some pharmacy experience (even shadowing/volunteer) are likely to get interviewed and hopefully acceptanced to at least one school. Some of the state schools are among the most competitive, due to the combination of lower cost and high caliber. Obviously, the higher the gpa, the easier it is, all other things being equal.
You can also receive a BS in pharmaceutical sciences, which includes many of the same undergrad courses but is not going to qualify you to sit for the NAPLEX exam or become a pharmacist as the PharmD is the standard now, but is more for those going into the research/marketing/business side of the industry. To advance in research or for teaching, a master's/PhD would be required.
If you're thinking of medicine you might also consider PA programs - I know many happy and sane PA's and even my own physician pals say this is the route they would choose if they had to do it again (fewer administrative burdens, lower debt, more time to spend on patient care, etc.)! Hope this helps - you can PM me if you need details you can't find and I'll try to point you in the right direction!
Last edited by sk8rmom; 06-02-2010 at 08:28 AM.