CVS statistics reported its first-quarter results yesterday, showing revenue up 8.3% year over year to $66.8 billion and a $600 million year over year jump in net income to $2 billion. The Wall Street Journal provides deep analysis of the CVS results.
Below are a few key takeaways for our independent pharmacy partners based on CVS statistics:
1. CVS online refills increased a whopping 50%. This is consistent with the growth we saw across our network of independent pharmacies: our overall refill volume increased by 49% in Q1 2020 compared to Q1 2019.
2. CVS virtual consultations increased by 600%. Independents also responded quickly with virtual tools. In fact, 454 independents have rolled out our secure and HIPAA-compliant 2-way messaging system since January 1. We recently interviewed Ragland Pharmacy who said they are now messaging patients 20 times a day.
3. CVS home delivery grew by 1000%. Independents may in fact have experienced even higher growth. A leading topic discussed in patient-to-pharmacist 2-way messaging is delivery coordination.
On the earnings call, CVS Health CEO, Larry Merlo, highlighted that he expects the shift to digital to become the new normal, “We are seeing a new normal emerging. We expect elements of today’s new norm will become part of tomorrow’s everyday routines.” This is the same message we delivered during our keynote at Cardinal Health’s RBC show in 2018.
If you would like to visit with us and review your digital set up or hear about our NCPA benefit program, please email connect@digitalpharmacist.com or call us at 512-643-7112.
