cvs health ceo help fuel thefts

Online marketplaces, according to CVS Health CEO, help fuel thefts

February 1, 2022

Karen Lynch, Chief Executive at CVS Health, revealed that the drugstore chain is working with experienced attorneys general on the matter and that the company is pushing Congress to help towards ending a series of robberies taking place on online marketplaces.

On Power Launch by CNBC revealed that the company had observed a rise in organized crime scenarios. Although this may have limited impact on CVS, online marketplaces have experienced accelerated theft where people are capable of anonymously selling and profiting from stolen items.

She added that such people are criminals and that thefts are indeed impacting the stores and their operations. Moreover, these people take the company’s products off the shelf and then put the same online. The company must stop this from happening.

Sale of Stolen Products Online

Some major retailers, including Autozone, Home Depot, and Target, have also called upon famous national leaders to fight the sale of counterfeit or stolen items online. A group of such companies – including CVS – has come with a letter of support for ensuring legislation, but it would need proper verification of third-party sellers on leading online retail marketplaces.

There are other retail chiefs as well, including Corie Barry – CEO of Best Buy – and others. They have spoken about the prevalence of such organized crimes in the online scenario. In a recent CNBC interview, Corie added that some thieves have even gone ahead with buying items like guns or crowbars as they continue stealing consumer electronics from the offline shelves. She added that the crimes could impact the overall retention and recruitment of employees in an existing market that is already tight for labor.

Best Buy revealed that the company is locking up some of its merchandise and continues working with retail trade groups while hiring security guards at some stores. In some branches of CVS stores, products remain under the lock & key mechanism, with only the employees of the store having the ability to unlock them.

Recently, CVS organized its first-ever investor day since the pandemic, and Lynch, along with other company leaders, has revealed how they will be converting CVS into a centralized hub. Here, Americans can opt for a broad spectrum of healthcare services – ranging from diabetes management to annual health checkups.

Shares of CVS could touch the 52-week high value of $97.66. The shares have been up by as much as 43 percent this year and  were trading up by 5 percent lately. To top it all, CVS also takes pride in giving out more than 50 million COVID vaccines. It has also successfully carried out over 29 million tests for the coronavirus between the period of the pandemic and November’s end. Around 85 percent of Americans live within the perimeter of 10 miles of around 1 CVS store.

CVS Expanding Its Healthcare Services

CVS Health – a leading health insurer and drugstore chain – revealed during its Investor Day 2021 presentation that its overall sales are expected to grow as the company continues expanding its healthcare services. In addition, the company is committed to its quest to make the industry of healthcare easier to afford and more accessible.

Karen Lynch, the all-new CEO of CVS Health, said in a statement during the Investor Day 2021 presentation that the company is quickly adapting to the changes in overall consumer habits, and it continues riding the existing momentum to boost consumer trust since the advent of the global pandemic.

CVS has ended up handing out multiple vaccine shots and vaccines, bringing about 32 million new customers to the respective CVS stores. Lynch added that the market for the company is only ripe for the change that it is capable of delivering.

CVS Healthcare and Its Plans for the Future

CVS has recently outlined its plans for home healthcare and subscription services as an integral part of the shift towards introducing new healthcare services and products. In addition, Aetna, an insurance firm, and Caremark, a pharmacy benefit manager, have recently acquired the company.

CVS has plans to close around 900 stores in the next three years. It also has a vision of around three types of stores – two of such stores will be putting healthcare services and products more at the forefront. Lynch has referred this to as a part of the plan of reimagining CVS locations in the form of healthcare destinations, and has alluded to acquisitions and partnerships.

Lynch regards mental health as an ‘unmet requirement.’ and added that CVS would be addressing this in the respective transition.

Recently, Microsoft and CVS Health announced an initiative to bring forth Microsoft Azure’s cloud computing platform together with relevant CVS data for creating personalized healthcare options for over 100 million CVS customers.

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