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The drop in shares wiped off more than $6 billion from the market capitalisation of the worst performing Dow stock this year and weighed on shares of rival CVS Health Corp. Drug retailers like Walgreens and CVS Health have been saddled with reimbursement pressure as their pharmacies receive less for filing prescriptions coupled with a steep decline in generic drug prices for several years.
The pharmacy chain will pay $209.2 million to resolve claims it improperly billed Medicare, Medicaid and other federal programs from 2006 to 2017 for hundreds of thousands of insulin pens it dispensed to patients it knew did not need them. Walgreens will also pay $60 million to resolve claims it overcharged Medicaid from 2008 to 2017 by failing to disclose and charge the discount drug prices it offered the public through its Prescription Savings Club program. The Deerfield, Illinois-based company said it "admits, acknowledges, and accepts responsibility" for conduct alleged by the federal government, according to the settlement agreements.
As a part of the deal, the companies will focus on virtually connecting people with Walgreens stores and provide services on therapeutic areas ranging from preventative self-care to chronic disease management. Early last year, Amazon.com Inc, Berkshire Hathaway Inc and JPMorgan Chase & Co had said they will form a company that could eventually negotiate directly with drugmakers and healthcare providers and use their vast databases to get a better handle on costs.
Human resources is now on the board. Its rise from corporate afterthought to critical role was heralded with Tesla's appointment of Kathleen Wilson-Thompson to its board of directors on Dec. 27. Wilson-Thompson is the global head of HR at Walgreens Boots Alliance, the transatlantic drugstore retailer. With her selection to the electric-car company's board, and…
In the race to make inroads in the on-demand drug delivery space, Walgreens' move could potentially put it head-to-head with Amazon.com Inc, which earlier this year said it would buy online pharmacy PillPack. Amazon's entry in the market would rattle traditional drug retailers and could potentially disrupt major players the U.S. drug supply chain. Rival CVS Health Corp launched its own next-day delivery service earlier this year.
(Reuters) - Drugstore owner Walgreens Boots Alliance Inc and health insurer Humana Inc are in preliminary discussions to take equity stakes in each other, the Wall Street Journal reported on Tuesday, citing ...