Walgreens wants to be more than just a pharmacy

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Walgreens Boots Alliance acquired majority stake In two companies, VillageMD and CareCentrix, as part of the pharmacy chain’s plan to provide more care inside its stores and people’s homes.

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Bottom-line: These deals will move the company “away from retail and just dispensing pharmaceuticals,” said Walgreens CEO Roz Brewer. told CNBC.

By numbers: Walgreens is investing billions of dollars.

  • $5.2 billion in VillageMD, giving Walgreens a 63% ownership stake. More VillageMD clinics that provide basic primary care will be linked to Walgreens stores.
  • $330 million in CareCentrix, giving Walgreens a 55% ownership stake. CareCentrix helps people discharged from hospitals by providing follow-up care with the goal of preventing them from going back to the hospital.
  • Last month, Walgreens paid nearly $1 billion to boost its ownership of Shields Health Solutions, a company that helps hospitals run their specialty pharmacies, by 71%.

Between the lines: This is a fake economy. CVS Health has invested in clinics and post-acute care for years, and now Walgreens is going all in.

yes but: Prescription drugs and vaccines will still be a major part of Walgreens’ work.

  • For example, Walgreens administered 34.6 million COVID-19 vaccines So far in 2021, and that includes 5.6 million shots since August, when demand grew among the Delta version and more mandates went into effect.
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