CVS Health’s approach to marketing: Then and now

BANKNOTES minted by #paid

English - February 18, 2022 15:06 - 22 minutes - 21 MB
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Walgreens was founded in 1873 and grew its drugstore empire through early innovations in store design and product offerings. As of August 2020, Walgreens operates more than 9,000 locations in the U.S. with a total revenue of $139.5 billion and a 19% share of the prescription drug market.

CVS was founded 90 years later in 1963, but the company made up for lost time by acquiring every pharmacy-related business it gained permission to buy. CVS now operates more than 9,900 locations in the U.S. with a total revenue of $268.7 billion and a prescription drug market share of nearly 25%.

You may be thinking the American independent pharmacy is dead in the water, but you’d be wrong. According to a March 2020 report by the Pharmaceutical Care Management Association (PCMA), “between 2010 and 2019, the number of independent pharmacies increased by more than 2,600 stores (12.9%), whereas chains lost around 80 stores (0.2%) on average.”

So what’s really happening with large chain pharmacies?