We run a multi-platform program, with sites for the US, UK and Europe, and have many affiliates doing well over $1000 a month. It is true that the majority of these affiliates rely heavily on SEO to bring in their traffic, but there are several PPC networks who will allow pharma related keywords such as Miva, Yahoo (Overture), Enhance, 7Search, etc. although it is quite right that to bid on these keywords through Google you will require a pharmacy checker ID. It is however a competitive industry, similar to online gambling which is subject to many of the same restrictions, but can be very profitable. Making sure that you are working with a site which is legal is also important as there have been a few cases where sites and their affiliates have had legal action taken against them for promoting generic products, such as Kamagra, etc. It's definately an industry worth affiliating with, however I wouldn't recommend it to those who are just starting out as affiliates. Its better to look for relatively non-competitive niches if your a newbie.