CVS Health has surpassed Walgreens as the preferred drugstore retailer among drugstore/pharmacy shoppers, with the two companies frequently switching between first and second place in recent quarters. Despite their similar profiles, CVS currently holds a lead over Walgreens and other retail pharmacies such as Walmart Pharmacy, Rite Aid, and Kroger, according to a survey by Coresight Research.
The future of the retail pharmacy industry may not solely rely on in-store purchases, as experts predict a shift towards mail-order and online pharmacies. The Coresight Research report revealed that over 300 respondents purchased pharmacy products from CVS Health more than Walgreens in the previous three months.
CVS’s edge over Walgreens may be attributed to having more store locations in the U.S. and owning an insurance company, Aetna. The convenience of claiming insurance easily after purchasing from CVS pharmacies could potentially attract more consumers to their stores. Both CVS and Walgreens have a significant advantage over other retail pharmacies due to their widespread presence in the U.S.
Despite their current dominance, CVS and Walgreens face challenges in the evolving healthcare industry, with a focus on technology-enabled solutions and consumer-centricity. The competition extends beyond brick-and-mortar pharmacies, with online competitors like Amazon Pharmacy and Mark Cuban Cost Plus Drug Company entering the market.
While CVS and Walmart are well-positioned to adapt to changes in the industry, traditional retail drugstore chains are exploring new strategies to stay competitive. The future of retail pharmacy may involve a shift towards mail-order services and specialty pharmacy, with CVS and Walmart potentially leading the way with their existing capabilities.
Despite facing obstacles and increased competition, pharmacy remains a crucial aspect of retail for consumers who value relationships with their pharmacists. The future of retail pharmacy is uncertain, but for now, CVS Health holds the lead over its competitors. “No podemos estar seguros de que veremos una tendencia en una cadena liderando sobre la otra.”
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