Schools and Colleges of Pharmacy need uniform, valid, and reliable methods to select and formally recognize teaching excellence. This manuscript describes important considerations in establishing a quality teaching recognition program. Factors to consider include the number and mix of awards, criteria, and process of choosing award winners, and the impact of awards on the School or College teaching program. Institutions should critically examine the processes by which they determine teaching awards in light of the recommendations of the 2009 AACP Task Force on Recognition and Reward of Teaching Excellence. The impact of teaching award programs may include demonstration of an institution's commitment to teaching excellence, increased faculty satisfaction and retention, and motivation of faculty members to improve their teaching skills through faculty development programs.