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How Drug Retailers in the US Applies Adaptability and Response to Change/Innovation - Case Study Example

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The company that is the subject of this research is the CVS, the second-largest drug retailer in the US. It has brought a new flavor to the pharmaceutical industry by developing an online pharmacy. The prescription drugs sold on this platform account for close to 70 percent of the total revenue…
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How Drug Retailers in the US Applies Adaptability and Response to Change/Innovation
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Download file to see previous pages The CVS Pharmacy strives to provide expert care and innovative solutions that are effective for the patients. Through such services, CVS illustrates how the use of innovative approaches to traditional plan can help customers in reducing their expenditure on drugs; improve the generic dispensing rates, and minimizing the rate of member disruption (Nursing., (U.S.) and of 308). They have a variety of tools that are available to guide the clients in reducing the costs and increasing the GDR. But, patients may hesitate to implement the new plan designs since the approaches require a change in the behavior of the member and can turn to be quite disruptive. By adapting the elements of the traditional plan design is to provide the members with an appealing selection of options, increase flexibility, and enhance proactive communications.
Higher spending in the healthcare industry has traditionally benefitted traditional stakeholders in the industry. Such professionals include hospitals, doctors, insurers, as well as drug and device manufacturers. Through this, the profitability of the health care system has remained strong despite the common cases of the economic downturn. However, the prospect of health spending escalation is likely to fuel a growth mandate from the consumers and employers, and the system will be required to deliver more value. CVS pharmacy also looks out for opportunities for increased healthcare spending. During such times, there is often a significant increase in the health insurance premiums and fewer employers are always willing to provide their employees with coverage. Those that do offer the services limit their coverage to the employees and eliminate retirees and dependents. ...Download file to see next pagesRead More
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