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CVS Health (CVS) Deploys Time-Delay Safes in Georgia Pharmacies

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CVS Health Corporation CVS is expanding an initiative intended at the opioid epidemic in Georgia with the completion of deployment of time-delay safe technology in all 355 Georgia CVS Pharmacy locations, including those in Target stores. Notably, CVS Health's time-delay safe program is among one of the many initiatives taken by the company to aid in the prevention of prescription opioid misuse and diversion.

In addition to the commitment to help prevent and address drug misuse and diversion, CVS Health extends to community education and increasing access to the opioid overdose-reversal drug naloxone.

CVS Health, with its national reach and local presence, has been working hard to address the issues of opioid misuse and diversion with an enterprise-wide approach.

Time-Delay Safes to Curb Retail Loss at CVS Stores

The time-delay safes are expected to help prevent pharmacy robberies and the potential of associated diversion of controlled substance medications, including opioid medications, by electronically delaying the time it takes for pharmacy employees to open the safe.

In 2015, CVS Health first implemented time-delay safe technology in CVS Pharmacy locations across Indianapolis. With the installation of time-delay safes, the company witnessed a 70% decline in pharmacy robberies among Indianapolis stores. The safes, now in use in 18 states and the District of Columbia, have driven significant declines in robberies at CVS pharmacies.

Significance of Time-Delay Safe Deployment

The opioid epidemic continues to impact 159 Georgia counties intensified by the COVID-19 pandemic. The recently-implemented time-delay safes in Georgia will help safeguard those behind the counter and prevent medication from getting into wrong hands.

Zacks Investment Research
Zacks Investment Research

Notably, the time-delay function, which cannot be overridden, electronically delays the time it takes for pharmacy employees to open a safe, restricting would-be robbers trying to get in and out of stores as quickly as possible. As time-delay safes reduce the theft and diversion of opioid medications, it brings added security to stores, creating a safe environment for patients and staff.

Notable Developments

In May 2021, CVS Health launched a new initiative to support women's health and wellness, including offering no-cost heart health screenings from May 9 through May 15 at MinuteClinic to help women understand the risk of heart disease. Notably, the efforts are part of CVS Health's overall commitment to making women's health care more accessible, affordable, simple and personalized to meet the health and wellness needs during each stage of a woman's life.

In April 2021, CVS Health launched an expansion of Project Health -- the company's no-cost, community-based screening program, which helps people without regular access to health care understand their risk of chronic conditions and connect to free or low-cost providers and services in order to support their unique health care needs.

Industry Prospects

Per Fortune Business insight, the global opioid use disorder market was valued at $2.52 billion in 2020 and is expected to reach $4.81 billion by 2028, at a CAGR of 8.7%.

Considering the market prospects, CVS Health’s initiative to combat opioid epidemic is well-timed.

Price Performance

Shares of the company have gained 27.1% in a year’s time compared with the industry’s 30.9% rise.

Zacks Rank and Key Picks

Currently, the company carries a Zacks Rank #3 Hold).

A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST, Inogen, Inc INGN and IDEXX Laboratories, Inc. IDXX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.

Envista Holdings has an estimated long-term earnings growth rate of 26%.

Inogen has an estimated long-term earnings growth rate of 33%.

IDEXX Laboratories has a projected long-term earnings growth rate of 20%.

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CVS Health Corporation (CVS) : Free Stock Analysis Report

IDEXX Laboratories, Inc. (IDXX) : Free Stock Analysis Report

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Envista Holdings Corporation (NVST) : Free Stock Analysis Report

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