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With so many brands and locations to choose from these days, most of us have a favorite coffee shop, fast food restaurant and supermarket, right? With the corner drug store long gone, we now have a choice of pharmacies, too. That’s great news for consumers! But, what’s the difference between the two largest chains, CVS and Walgreens?
While both CVS and Walgreens enjoy a huge retail presence, there’s more to these two giants than meets the eye. But, first, have a look at the Red Lion Data location maps to give you a better idea of just how many there are.
WALGREENS PHARMACY STORE MAP
The total number of Walgreens pharmacies, which includes those across the United States, Puerto Rico, District of Columbia and the U.S. Virgin Islands, is currently at 8107 (Red Lion Data, June, 2014), with a heavier concentration in the eastern half of the United States.
CVS PHARMACY STORE MAP
The CVS pharmacies number 7530 (Red Lion Data, July 2014), which includes those in the United States, Puerto Rico and Brazil. This number puts CVS in a close second behind Walgreens. As with Walgreens, CVS shows a heavier concentration on the eastern half of the United States.
According to Fortune 500…
So, how do these two mammoth companies rank on the Fortune 500 scale?
Surprisingly, despite having fewer locations, CVS ranks twelfth on the Fortune 500 scale, with total revenues of $126,761 billion and total profits of $4,592 billion.
Walgreens comes in at 37th place, with total revenues of $72,217 billion and total profits of $2,450 billion.
That, folks, is a huge difference and, as they say, the numbers don’t lie. So, while CVS and Walgreens offer similar products and services, and both are responding to the Affordable Care Act (ObamaCare) by offering on-site primary care, why is CVS outplaying Walgreens?
First of all, make note of the fact that Walgreens is still the largest drug retailer in the United States. But, with an expanding business model, CVS is the largest retail health care provider in the country.
Walk-in clinics–they’re taking off like wildfire
Retail health care clinics first started springing up in the year 2000. However, the economic crisis put a hold on the initiative until the Affordable Care Act came into effect on March 23, 2010. As a result of that legislation more Americans now have access to primary health care than ever before. Hence, the need for more affordable primary care health services.
According to an article in Forbes, published June 5, 2014, Walgreens has 388 clinics in 19 states. Further, at the Forbes 2014 Healthcare Summit, the world’s most influential healthcare event, Walgreens did not announce future growth targets for its Walgreen Healthcare Clinics.
CVS currently operates 834 MinuteClinics (Red Lion Data, August 2014) in 28 states, with plans to open 150 more this year and to have 1,500 in operation by 2017. This increase in MinuteClinics will rival the 1600 retail clinics currently in operation across the country.
“MinuteClinic has earned a certain status among the healthcare establishment, forcing that establishment to recognize the retail clinic movement as a legitimate part of the health- care ecosystem,” Tom Charlandof Merchant Medicine wrote in his report published this week. (Forbes June 5, 2014).
Red Lion Data
As the numbers of primary health care providers and pharmacies grow, Red Lion Data will continue to update its data.
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