Placebo and nocebo effects refer to the true or perceived benefits or harms, respectively, from either an inert or pharmacologically active substance. Both placebo and nocebo effects are often an unseen factor in the care of patients, yet remain controversial and underrecognized. As one of the most readily accessible health professionals, pharmacists are afforded myriad opportunities to address placebo and nocebo effects in their clinical practice settings. The balance between beliefs (positive effects) and fears (negative effects) is one that pharmacists can become adept at navigating through practical strategies provided for individuals, health‐systems, the pharmacy profession, and the overall healthcare community. Future research endeavors should focus on efficacy of previously discussed strategies when utilized by pharmacists, such as patient education strategies.