USA Today is reporting that CVS Health has announced plans to remove two biologic drugs, Neupogen and Lantus, from its pharmacy benefits manager (PBM) formulary in 2017 and replace them with biosimilars of the drugs, substituting Zarxio for Neupogen and Basaglar for Lantus. Biosimilars cost about 15% to 30% less than the original biologics. CVS’s EVP and chief medical officer Troyen Brennan told USA Today that the biologics were reviewed by panels of experts “to make sure they are considered equivalent. (USA Today)
Health care is taking up a larger share of the consumer wallet. By 2021, Americans are expected to devote 24% of all household spending on healthcare goods and services, making consumer-directed care one of the largest potential areas of growth for retailers.
As millennials have cemented themselves as the largest generation by population at 75.4 million, outnumbering baby boomers for the first time, the retail industry has been inundated with insights about their shopping habits.
Google recently announced it is allowing businesses to send smartphone alerts to consumers via Google Play through a program called Nearby, Internet Retailer reported Tuesday. "CVS is one of the first businesses testing Nearby," the report stated. "CVS is using the Nearby program to let shoppers know they can send photos to the retailer for in-store printing via the CVS smartphone app," Internet Retailer concluded, citing Google. CVS declined to comment, according to the report. (Internet Retailer)
In addition to being able to pick up their prescription medications at the mobile pharmacy, customers can also receive recommended vaccines, such as Tdap, which protects against tetanus, diphtheria and pertussis, CVS Pharmacy noted.
Making emotional connections with one’s team — connecting with the head and leading with the heart — is a key element in nurturing future leaders, according to George Coleman, VP health care at CVS, at Drug Store News’ Future Leaders Summit.