CVS Health is exiting its core infusion services business and will close or sell 29 related regional pharmacies in the coming months, a company spokesperson confirmed on Friday.
The announcement, made in a CVS corporate memo dated October 8, detailed the shift in strategy. As of October 8, CVS stopped accepting new patients for services such as antibiotics, muscular health treatments, and intravenous nutrition, according to Shelly Bandit, senior manager of corporate communications.
CVS acquired Coram LLC, a drug infusion services provider, in 2013 for $2.1 billion. However, the company has faced ongoing challenges in providing its specialized and complex infusion services, Bandit said.
Despite this exit, CVS will continue offering specialty medications and enteral nutrition (tube feeding) at pharmacies in Minnesota, Pennsylvania, and San Diego. Nursing services will remain available nationwide.
The company has not yet announced any workforce reductions but said affected employees will be notified in mid-November, with job roles ending in January.
Patients currently receiving infusion therapies will be transferred to other providers, Bandit added. This decision is separate from CVS’s plan to cut 2,900 corporate jobs.
CVS also plans to close 29 regional pharmacies but is exploring the possibility of selling the assets, according to Bandit.
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