NEC member CVS Health recently announced that it has signed a $1.9 billion agreement with Target Corporation to acquire and operate pharmacies and clinics within Target stores. The move will give CVS Health a retail presence in new markets, including Seattle, Denver, Portland, and Salt Lake City.
Under the agreement, CVS Health will operate all existing 1,660 pharmacies in Target stores. The pharmacies, which are in 47 states, will take on the CVS/pharmacy name, as will all future pharmacies. The almost 80 health clinics in Target stores will be converted into Minute Clinics. Over the next two years, the companies intend to work together to open five to ten smaller “Target Express” stores featuring CVS/pharmacies. CVS Health also intends to open up to twenty Minute Clinics in Target stores within three years.
“This strategic relationship with Target supports the highly complementary customer base, brand, and culture we share. When we introduced the new name for our company, CVS Health, we began a new era of growth with a broader health care focus and an appreciation of the rise of health care consumerism with consumer choice and accountability growing. This relationship with Target will provide customers with expanded options and access to our unique health care services that lead to better health outcomes and overall health care costs,” said Larry Merlo, President and CEO of CVS Health.
The New England Council congratulates CVS Health on this exciting new opportunity and wishes it luck as it continues to expand into the healthcare field.
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