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Forbes
Forbes
15 May 2023


Earns Walgreens

Walgreens said the drugstore chain remains committed to conducting clinical trials despite rival CVS ... [+] Health’s decision to wind down its clinical trials by the end of next year, the companies confirmed May 15, 2023. In this photo is the exterior of a Walgreens store is seen in Palo Alto, Calif., Monday, Sept. 29, 2008. (AP Photo/Paul Sakuma)

Copyright 2008 AP. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Walgreens remains committed to conducting clinical trials despite rival CVS Health’s decision to wind down its clinical trials by the end of next year.

It’s not a huge business for either CVS or Walgreens with both companies entering the business of conducting clinical trials two years ago at a time the U.S. Food and Drug Administration was looking for ways to improve drug research and patient health outcomes by enrolling more Americans from underrepresented populations into U.S. clinical trials.

In the last two years, CVS has spent $20 billion on adding physician-staffed clinics and practices for seniors and other patients via its Oak Street Health acquisition and on building a home care platform through its purchase of Signify Health. Already, CVS operates more than 1,000 MinuteClinics and has been adding more primary care services in its stores.

“We continually evaluate our portfolio of assets to ensure they are aligned with our long-term strategic priorities,” CVS said Monday in a statement. “As a result, we’re winding down our Clinical Trial Services business in a phased way, with a full exit expected by December 31, 2024. We’ll work with our trial sponsors to ensure a smooth transition, as well as continuity of care and minimal disruption for patients.”

Meanwhile, Walgreens, which launched its clinical trials business last year, said it remains committed to conducting clinical trials.

“Walgreens clinical trials business will continue to operate, delivering high-quality services to our patients, partners and clients,” Walgreens said in a statement. “We remain fully committed to executing patient engagement and recruitment activities, activating clinical trial sites and establishing partnerships with pharmaceutical companies and other sponsors.”