Two major pharmacy chains are making plans to close thousands of stores nationwide by the end of the decade.
Walgreens and CVS are closing stores across the country. Walgreens announced in late June that it will close up to a quarter of its 8,000 stores nationwide by 2027.
Forbes healthcare writer Bruce Japsen told the Noon Business Hour that it's a case of reinvention and not retreat.
He said Walgreens is rebuilding its pharmacy around more expensive prescription drugs.
“Pills and capsules that people get are largely generic and cost pennies,” Japsen said. “The more complicated drugs are specialized drugs that are infused, injected- Ozempic or HUMIRA for rheumatoid arthritis, cancer drugs- all those type of things.”
Meanwhile, CVS is moving away from retail and into in-store clinics.
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“The pharmacies are going to be next to these clinics that are staffed by physicians and nurse practitioners,” Japsen added.
He said the front of store market for snacks, candy and other convenience store items is shrinking, and patients are looking elsewhere for prescription drugs.
“More people get their prescriptions mailed to them…Amazon and others are having drones deliver them to your house,” said Japsen.
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