CVS is said to shut down clinical trial business (update)
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Update 01:45 PM EST: Adds comments from Walgreens
Two years after the launch, pharmacy chain operator CVS Health Corporation (NYSE:CVS) is shutting down its clinical trials business to focus on its core business, Endpoint News reported late Sunday, citing a company statement.
The company confirmed the move, noting, "We continually evaluate our portfolio of assets to ensure they are aligned with our long-term strategic priorities."
"We're winding down our Clinical Trial Services business in a phased way with a full exit expected by December 31, 2024. We'll work with our trial sponsors to ensure a smooth transition, as well as continuity of care and minimal disruption for patients." CVS (CVS) added.
The Woonsocket, Rhode Island-based healthcare giant unveiled its clinical trial services unit in May 2021, leveraging its collaboration with the pharma industry to support clinical trials for experimental COVID-19 vaccines and treatments during the pandemic.
A year later, rival pharmacy chain Walgreens Boots Alliance (WBA) also launched a clinical trial business. However, following the CVS' move, Walgreens (WBA) said it remains committed to its clinical trial business.
"Walgreens clinical trials business will continue to operate, delivering high-quality services to our patients, partners and clients," Forbes reported quoting a statement from the company.
"We remain fully committed to executing patient engagement and recruitment activities, activating clinical trial sites and establishing partnerships with pharmaceutical companies and other sponsors."
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