Transaction continues series of small pharmacy acquisitions
WOONSOCKET, R.I. — CVS Health is acquiring six outpatient pharmacy locations in Ohio from the ProMedica health system.
Financial terms of the transaction weren’t disclosed. CVS said Wednesday that it plans to convert two Toledo locations — The Pharmacy Counter on S. Byrne Road and ProMedica Pharmacy Counter on Navarre Avenue — to CVS Pharmacy stores, scheduled to reopen on Oct. 29 and early November, respectively.
The remaining four outpatient pharmacies will be closed and transfer their prescription files to nearby CVS Pharmacy stores, starting in mid-October, CVS said. These locations include the ProMedica Pharmacy Counter on W. Central Avenue in Toledo, ProMedica Pharmacy Counter on Monroe Street in Sylvania, Flower Hospital Outpatient Pharmacy on Harroun Road in Sylvania and ProMedica West Central Pharmacy on West Central Avenue in Toledo.
“We’re pleased to partner with ProMedica and look forward to bringing our innovative pharmacy care programs and services to its patients in Ohio,” Alisa Ulrey, area vice president for CVS Pharmacy, said in a statement. “We are committed to continuing ProMedica and Pharmacy Counter’s tradition of providing excellent care to patients and are excited to introduce our industry-leading offerings to patients.”
The ProMedica locations mark the fourth pharmacy acquisition that CVS has announced in recent months. In mid-August, CVS said it was buying 20 Fagen Pharmacy stores in northwest Indiana and northeast Illinois. CVS announced the acquisition of Doc’s Drugs, a chain of 14 drug stores in Illinois, in June and the purchase of the prescription files of Marsh Supermarkets’ 37 pharmacies in Indiana in May.
ProMedica will retain ownership of its other outpatient pharmacies at ProMedica Toledo Hospital, ProMedica Monroe Hospital and ProMedica Fostoria Hospital. The health network will also continue to operate its specialty, adherence (blister packaging) and home infusion pharmacies and its home medical equipment business.
Serving northwest Ohio and southeast Michigan, ProMedica is a nonprofit, 12-hospital system with more than 15,000 employees, nearly 2,100 physicians and advanced practice providers, and over 800 health care providers employed by ProMedica Physicians. The system also offers the Paramount health plan, which serves 331,000 members.
“ProMedica and CVS Pharmacy are working closely together to ensure patients experience a seamless transition of services and that their access to pharmacy care is not interrupted. We’re confident our patients will benefit from CVS Pharmacy’s unique clinical services,” stated Neeraj Kanwal, senior vice president of inpatient and retail pharmacy at ProMedica.
CVS said it expects to hire many of the Pharmacy Counter employees currently working at the locations involved in the transaction.
“We’d like to thank our employees for their commitment to our patients and the high-quality service they provided over the years,” Kanwal added.