Latin American community pharmacies treat large segments of the population, especially the poor. Self‐medication rates are high, and prescription‐only medicines are often available without a prescription. Patients rely more on pharmacists’ advice than clinicians’, but conflicts of interest are rampant: companies may offer discounts, extra drugs, or a higher profit margin to pharmacy owners; pharmacy staff recommendations may be compromised by lack of education or financial incentives, including bonuses and commissions for recommending specific drugs. Pharmacists and staff rely on pharmaceutical company education on drugs. Pharmacy chains, which tend to provide poorer service, are replacing family owned pharmacies in most Latin American countries. Pharmacies are a de facto safety net for the poor and uninsured and should be considered part of the health‐care system, not just commercial establishments. Medicine dispensation should be professionalized, and pharmaceutical company‐funded education should be banned to minimize the conflicts of interest that affect medication recommendations.