Today's Video Headlines: 10/18/24
“We have been watching this car crash in slow motion for years,” George Hill, managing director and senior equity research analyst at Deutsche Bank, told FOX Business .
For over a decade, Hill said the industry has noticed companies that manage prescription benefits – also known as pharmacy benefit managers, or PBMs – merge, ultimately giving them more buying power in the prescription drug market.CVS, Rite Aid, and Walgreens closures across the U.S. in recent years haven’t surprised industry experts, who anticipate more shutdowns as the industry adjusts and rightsizes itself.
Hill argued that the “industry seemed to be growing footprints and locations kind of faster than the need for pharmacies was growing.” Rite Aid, now emerging from bankruptcy proceedings, said the Chapter 11 filing was part of a restructuring to “significantly reduce the Company’s debt, increase its financial flexibility and enable it to execute on key initiatives.” It said proceedings would involve continued store footprint optimization.
Cvs Pharmacy Rite Aid Walgreens
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