WOONSOCKET, R.I. — Two years after its launch, CVS Health is planning to close down its clinical trials unit by the end of 2024, to refocus on core operations.
Since the pandemic began, the drug store chain has doubled down on its efforts to build a health care business that would move it further into the home health and primary care spaces. The Woonsocket-based company announced in late 2021 a plan to close 900 stores in three years in order to expand its primary care services. At the time, executives told investors they planned to become the “nation’s leading health solutions company for consumers.”
Closure of the clinical trials unit is part of a regular “evaluation” of assets to ensure the company aligns with long-term strategic priorites, a spokesperson said. CVS first revealed its clinical trials unit in May 2021, which had a focus on driving access to clinical trials and boosting engagement.