B.Pharm stands for Bachelor Of Pharmacy which is a four-year-long undergraduate course. After UG, you can pursue masters and practise as a pharmacist.

Pharm D is Doctor of Pharmacy which is a six-year-long professional course. This course is more oriented towards medical and clinical research. After this, you can directly register for a PhD. You can pursue a career in clinical research, pharmacovigilance, medical writing etc.

You can be self-employed if you open your own pharmaceuticals shop which you will be eligible to do with this degree. If you choose to become a researcher, yes, you will have to work like a scientist in labs and participate in research mostly in the field of development and testing medicine.