Drugstore chain and health insurer CVS Health said Thursday (Dec. 9) during its Investor Day 2021 presentations that its sales should grow as it continues to expand its services — both in stores and in people’s homes — in its quest to make health care more accessible and easier to afford.
During her Investor Day remarks, new CVS Health CEO Karen Lynch said the company is adapting quickly to changes in consumer habits and riding the momentum from a boost in consumer trust since the COVID-19 pandemic began.
CVS has handed out more than 50 million COVID vaccines and done about 29 million coronavirus tests since the pandemic started through the end of November, she said. Combined, vaccine shots and tests have brought more than 32 million new customers into CVS stores.
About 85% of Americans live within 10 miles of at least one CVS store and about the average day sees about 4.5 million shoppers come into those stores.
“The market is ripe for change that only we can deliver,” said Lynch.
CVS also outlined its plans for subscription services and home health care as part of its shift toward new health-related products and services. The company has recently acquired several smaller drug store chains as well as pharmacy benefit manager Caremark and insurance company Aetna.
CVS is planning to close about 900 stores in the next three years and has a vision of three types of stores, including two that put health care services more at the forefront. Lynch called it part of the plan of “reimagining CVS locations as health-care destinations” and alluded to partnerships and acquisitions.
Lynch considers mental health an “unmet need,” but said CVS will address that in its transition.
Related: CVS Health and Microsoft Link Up to Speed Healthcare’s Digital Shift on Retail’s Frontlines
Last week, CVS Health and Microsoft announced an initiative that will bring Microsoft’s Azure cloud computing platform together with CVS data to create personalized care options for 100 million CVS shoppers.
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