Plus, the latest pharmacy and healthcare news to know this week.
CVS is planning to expand its CarePass program nationwide after successful tests in Philadelphia, Boston, and Tampa in 2018. CarePass is the first membership program that offers customers free national pharmacy delivery and 24/7 healthcare access. Members can choose to pay $5 a month or $48 annually for free one- to two-day delivery on prescription drugs and drugstore products as well as discounts on CVS items, access to a pharmacy hotline, and a monthly $10 reward added to their ExtraCare reward cards.
Why It Matters
Expanding the CarePass loyalty program is an important move for CVS as traditional pharmacies face increased competition from online delivery programs. By taking advantage of online shopping trend and making it easier for members to take care of their health as well as their families, CVS stands to increase patient loyalty and retention. The program appeals to millennials in particular, who accounted for 20% of the people who enrolled in the pilot program.
In addition to the convenience and improved access to healthcare it provides, CarePass is also helping to drive growth for the chain pharmacy, which faces competition from other pharmacies, supermarkets, and department stores. CVS is setting itself apart by upping its loyalty program’s benefits and exclusivity and transforming its image into a holistic wellness brand. The wellness industry is a promising area of growth as the market is approaching $4.2 billion across the world, according to the Global Wellness Institute.
More Healthcare News to Watch
- PillPack faces resistance from CVS and Walgreens over access to patient prescriptions, with issues of getting proper consent from patients. CNBC.
- Walgreens will be closing about 200 locations across the U.S. CNN.
- Increased naloxone prescriptions could be the reason overdose deaths have stopped rising for the first time in almost 30 years. AP News.
- Utah’s Harmons pharmacies are now offering patient health screenings and prescription treatments for certain common medical conditions. Deseret News.
- President Trump plans to introduce a new drug price index in his September healthcare speech. Bloomberg.