Healthcare

CVS Thinks It’s Becoming The Future Of Health Care With Just-Approved Health Insurance Merger

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Pharmacy giant CVS envisions becoming a new kind of destination for Americans to get health care after antitrust officials gave CVS the go-ahead Wednesday to buy health insurance company Aetna.

Many Americans already stop by the MinuteClinics in many CVS locations to get flu shots or treatment for minor illnesses. The ubiquitous pharmacy chain wants to expand the types of health care it offers after purchasing Aetna, which is the third-largest health insurance company in the U.S., according to The Washington Post.

“Our focus will be at the local and community level, taking advantage of our thousands of locations and touchpoints throughout the country to intervene with consumers to help predict and prevent potential health problems before they occur,” CVS chief executive Larry Merlo said according to WaPo.

CVS and Aetna had to sell Aetna’s Medicare Part D prescription drug business to get the deal approved by the Department of Justice. CVS had announced its intention to purchase Aetna for nearly $70 billion in December 2017.

CVS is also getting Aetna members’ data in the deal. The health insurer has over 22 million medical members, reported WaPo. CVS has nearly 10,000 retail locations.

CVS’s “retail pharmacy business” already serves 5 million customers per day, according to WaPo. The Aetna deal could give CVS “more leverage in its negotiations with drugmakers over drug prices,” reported WaPo.

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