Mark At HealthInsurance4Everyone’s Post

US drugstore chains Walgreens and CVS are revamping their business models to counter declining profit margins. Traditional store layouts with pharmacies at the back and retail items at the front are being reconsidered. Walgreens is experimenting with smaller stores, placing pharmacies near entrances, and implementing self-service kiosks and robotic pill-counting to reduce pharmacist workload. CVS is integrating primary care centers into stores. Both chains are struggling with competition from retailers like Amazon and Walmart, high operating costs, and a workforce under pressure. They aim to enhance customer convenience and focus on health and wellness to boost performance and profitability. https://lnkd.in/dAwxQaAr

For up to date shifts in the industry, reach out to HIRC below! https://lnkd.in/dyF3NXAC #HIRCInsightSeries #HIRC #Pharmaceuticals #Pharmacy #Healthcare #Pharma #MarketAccess #RetailPharmacy #HealthcareTrends #BusinessStrategy

HIRC Insight Series: Walgreens' Strategic Shift and Its Industry Implications Walgreens is making significant changes by reducing its stake in VillageMD and closing underperforming stores amidst efforts to streamline operations and improve financial performance by cutting an estimated $1 billion in costs. Such strategic decisions highlight the evolving landscape of healthcare retail, brick-and-mortar locations, and the growing emphasis on profitability and efficiency for companies. As the industry adapts to new challenges, staying informed and agile is crucial. For deeper insights and comprehensive analysis, contact your HIRC team! https://lnkd.in/dyF3NXAC #HIRCInsightSeries #HIRC #Pharmaceuticals #Pharmacy #Healthcare #Pharma #MarketAccess #RetailPharmacy #HealthcareTrends #BusinessStrategy https://lnkd.in/eTCHi3Z6

Chain vs Independent Pharmacies: USA Edition Chain pharmacies like Walgreens and CVS currently hold the majority market share of around (65-70%). This number has been increasing for a while now, with tough times, their efficiency, wide reach, and standardized experiences across locations have allowed for their growth. Working conditions at big chains have been a challenge; this may lead to the resurgence of smaller independents. They tend to have better customer relationships and build a more personalized service. #pharmacystaffing #independentpharmacy #retailpharmacy #chainpharmacy #pharmacynews

🔢 Pharmacy by the Numbers 🔢 Walgreens - Closing 350 Locations by the End of 2024 CVS - Announced in 2021 900 store closures by 2024 including dozens of their Target store locations. Rite Aid - Has closed hundreds of locations already and has filed for bankruptcy. Closing an additional 77 locations.  Winn Dixie - Exited the pharmacy business 2023.  Independent Pharmacies - One store permanently closes or sells each day. The above numbers should alleviate any doubt left in anyone's mind that the pharmacy business has changed and that new business models are needed to adjust for lost revenue from filling prescriptions. POA is here to help you create that new business model. We offer all members free business reviews. We have numerous proven programs that will increase your cash flow and profits. Let us help you by contacting us today! #independentpharmacy #pharmacyindustry #pbmreform #pharmacyrevenue #smallbusiness

Despite a plan to shutter 1,200 stores, Walgreens remains committed to drug research. “We are in lock step with the wider business model,” says Ramita Tandon, Walgreens' chief clinical trials officer. https://lnkd.in/eZAiP-y3

The re-shaping of consumer access to healthcare continues to evolve. Brick-and-mortar pharmacies are continuing to close, supplanted by mail order and and digital options, and influenced by retail shrinkage from organized retail theft. Walgreens Boots Alliance CEO Tim Wentworth said 25% of the company's stores were underperforming, with plans already underway to shutter 1,500 stores. The changing distribution patterns of prescription drugs from manufacturer to patient require 3PL partners with existing solutions to maximize patient satisfaction. https://lnkd.in/ejURFeEA #pharma3PL #logistics #3PL

Hot take: I think it's interesting that this coverage excluded the role of CVS PBM in Walgreens decline, or the fact that CVS owns its PBM, or the fact that CVS will put the PBM CEO in as the new CVS CEO. There is no reason that a pharmacy should own a PBM. Also, the interview suggests that people don't want to connect with a pharmacist and would prefer mail order. I love the convenience of delivery but I don't think the sweeping generalization about Americans wanting their meds, wanting them cheap, and wanting them delivered is an accurate reflection as much as it is a manufactured pathway meant to defray costs and increase bottom line - along with increasing executive salaries and shareholder payouts. Many older people rely on their relationship with their care teams- to include the pharmacists- but corporate commodification of our health and well-being has made these relationships less accessible, and unsustainable. Anti-trust much?