![]() In response, CVS, originally known as Consumer Value Stores, has been trying to pivot its business to what it describes as a “value-based” health care model. The fierce competition has narrowed already thin profit margins. Online players including Amazon, which already poses stiff retail competition, have launched their own pharmacies. To draw more traffic, CVS and other big pharmacies over the years have expanded their retail options to include toys, clothes, electronics, and even frozen foods.īut the landscape is growing ever more challenging. ![]() With the proliferation of dollar stores and large discount chains such as Target and Walmart - many of which have their own pharmacies - CVS and its peers have struggled to keep their retail businesses competitive. consulting firm in New York.ĬVS knows it must confront a big problem.Ī sign for flu and COVID vaccinations was displayed at a CVS pharmacy. “There is a critical need for pharmacists” but the business model is breaking down, said Burt Flickinger, CEO of Strategic Resources Inc. Making matters worse, pharmacies have been earning fewer federal reimbursement dollars for prescriptions. But pharmacy chains have reported weaker retail sales as consumers cut back on spending because of inflation. Ideally, CVS could hire more staff to help pharmacists, using the revenue from selling toys, candy, and other merchandise. ![]() In addition to filling prescriptions for a rapidly aging population, they now administer vaccines, including those for COVID-19, influenza, and shingles. “And the system has not really engaged them to really care for patients.”Įxperts say the pandemic has pushed already overworked chain pharmacists to the edge. “Pharmacists are burned out,” said William Shrank, who previously served as chief scientific officer and chief medical officer of provider innovation for CVS. But none of this works if the company can’t hire or retain its pharmacists.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |