Walgreen Co. has spent $60 million to acquire 53 pharmacies from Familymeds Group, a specialty pharmacy and medical product supplier that, among other things, provides pharmacy services on location for major employers under the banner Worksite Pharmacy.
Walgreen makes the move as its chief rival, CVS, attempts to engineer the acquisition of Caremark Rx, which would merge one of the nation’s largest drugstore chains with the largest pharmacy-benefits manager, creating a major player in the health-care industry, with significant buying power in generic drugs and dominant positions in numbers of retail outlets and mail-order capability.
Walgreen makes the move as its chief rival, CVS, attempts to engineer the acquisition of Caremark Rx, which would merge one of the nation’s largest drugstore chains with the largest pharmacy-benefits manager, creating a major player in the health-care industry, with significant buying power in generic drugs and dominant positions in numbers of retail outlets and mail-order capability.
- KC's View:
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Interesting tactics on the part of both Walgreen and CVS, which are looking to cover their flanks while occupying new territories.
And, a good lesson for food retailers who believe that simply building new stores is the best model for growth. What they need to be doing is testing new formats and formulas, and finding new ways to engage with consumers.
