It means the same as getting the Advanced Practice Pharmacist (APh) recognition for pharmacists who try to delude themselves into thinking that they have provider status - an extra set of letters you can add to the end of your name that means absolutely nothing to anyone outside of pharmacy but is pharmacy’s way of self-validating the profession.
A "Fellowship" is an advance training program focused on research. In general these are administered outside of the ASHP's purview. These can be done after residency or instead of residency depending on the institution, competitiveness, and subject. Most require a PGY1 at least.
A "Fellow" is someone who has been recognized as contributing either to an organization specifically or a specialty broadly (or both) more than the average member of that organization. Requirements often include things like holding offices, publishing related papers, contributing to guidelines, recommendations from current fellows, etc. Fellows are allowed the use of an abbreviation after their name.
For example -
FCCP - Fellow of the American College of Clinical Pharmacists
FASHP - Fellow of the American Society of Health-System Pharmacists
FCCM - Fellow of the Society of Critical Care Medicine
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