Could well be. Two direct quotes from Bentley: 1)"The coolant provides lubrication for the pump shaft, so an occasional drop of coolant leaking from the pump is acceptable. If coolant drips steadily from the vent hole, the pump should be replaced." 2)"Inspect the coolant pump by first removing the drive belt from the pump. Firmly grasp opposite sides of the pulley and check for play in all directions. Spin the pulley and check that the shaft runs smoothly."
If the pump does need to be replaced, be sure to use the updated metal impeller type, although I think the old style plastic ones are no longer on the market.
It's a reasonably straightforward job, depends upon how much time you want to spend, whether you're willing and able to put up with draining and refilling the cooling system.