Industry consolidation continues as CVS Caremark has entered an agreement to snap up regional player Navarro Discount Pharmacy — a move that makes sense for CVS Caremark on several fronts.
Not only does the acquisition strengthen CVS Caremark’s position in the Hispanic marketplace, the fastest growing demographic in the United States, but the deal also includes Navarro Health Services, a specialty pharmacy serving those with complex diseases.
Miami-based Navarro is known for its expertise in serving the Hispanic consumer. The company truly understands the different Hispanic nationalities and how to cater to each in their own unique ethnic, religious and traditional ways. The stores — which are stocked with such products as Café La Llave Expresso coffee, Fabuloso multi-purpose cleaner and such popular brands as Valentini, El Sembrador and La Fe — cater to the Hispanic market in which it serves.
Navarro also carries its private label brand, Vida Mia, the first brand in the United States targeting Hispanics across a variety of categories with bilingual product packaging and ingredients in English and Spanish.
Navarro Discount Pharmacy has undergone a strategic planning process during the last 12 months or so that focused on improving efficiencies, strengthening its core business, analyzing retail store locations by product assortment, reviewing pricing and enhancing customer service. The regional pharmacy also is working to emphasize to its patients the importance of healthy living and medication adherence — a message that is clearly in line with CVS Caremark’s dedication to helping people on their path to better health.
As part of the effort, Navarro recently introduced such services and products as Navarro Express Online order/store pick up and the EZ Meds pharmacy program. EZ Meds aims to improve medication adherence and accuracy by pre-packaging a customer’s medications and providing easy-to-follow instructions.
Then there is specialty pharmacy. CVS Caremark has stressed the importance of specialty pharmacy and the key role that it is playing in this fast-growing space, and this focus will likely only be enhanced by bringing Navarro Health Services into its fold.
Clearly, Navarro has much to offer, and this acquisition looks to be a win for CVS Caremark on several fronts.