Case Study Of Caring Pharmacy

This paper will provide insight into the strengths, weaknesses, opportunities, and threats of the Walgreens Company, the nation’s leading drugstore chain. The company’s key stakeholders – customers, employees and the community are also identified and an explanation provided as to how the company is satisfying the needs and wants of each stakeholder type. This paper analyzes the strengths of the company as the industry leader with its wide portfolio of products and services, as well as establishing the benchmark for growth through acquisitions. The company’s weaknesses include prescription errors resulting in death and being unable to keep pace with a

“The balanced scorecard should translate a business unit’s mission and strategy into tangible objectives and measures. The measures represent a balance between external measures for shareholders and customers and internal measures of critical business processes, innovation and learning and growth. The measures are balance between outcome measures, the results of past efforts, and the measures that drive future performance. And the scorecard is balanced between objective, easily quantified outcome measures and subjective, somewhat judgmental, performance…”

In our society, many people suffer from ailments and diseases that require medication to help them manage their illnesses while trying to maintain a normal lifestyle. Approximately 75% of the US population lives within three miles of a CVS (Datamonitor,2011), a retail pharmacy which sells prescription drugs and a range of general merchandise including over the counter drugs, beauty products and cosmetics, photo finishing, seasonal merchandise, greeting cards, and convenience foods (Mergent, 2012). Pharmacy services for CVS also include a mail order pharmacy service, specialty pharmacy services, plan design and administration, formulary management and claims processing. CVS also possesses in store health clinics

Knowing the importance of a strategic vision, every company undertakes a complete analysis periodically. In order to create a strategic plan the parties involved must know every aspect of the industry and the company at hand. The purpose of this paper is to describe and analyze the retail drugstore industry and then focus on Walgreens, the industry leader in terms of sales. As part of the in-depth analysis of Walgreens, its major competitors will also be described and analyzed. The retail drugstore industry consists of all those stores that contain a pharmacy and sell prescription drugs. It also includes businesses that sell prescription drugs online and through the mail. Most retail drugstores also offer other

The initial intent of this analysis was to identify changes in accounting methods within the financial statements of Walgreens and CVS Caremark, as well as to compare and contrast their financial statements, in order to draw conclusions about which company had also have better earnings. However, in the process of this analysis, with the exception of a minor change to lease accounting by Walgreens, there were no major changes in accounting methods identified. In examining the financial statements for these two drugstore industry leaders, the analysis shows that while each company conducts retail drugstore operations in similar ways, their business models for carrying out these operations greatly vary. These variances in

Although arch rivals Walgreen Co. in terms of overall revenues is the leader, rival competitors in the industry, CVS Corporation in particular, is the largest drugstore chain in the United States in terms of stores and number of prescriptions filled. CVS operates more than 4,100 stores in 27 states throughout the nation. Nearly 10 percent of all prescriptions filled in the United States are handed by CVS pharmacies. While CVS Corporation market capital in sales top at 22.3 billion dollars at the end of the last quarter, it was no comparison to the pharmacy industry leader, Walgreen’s, who topped at 43.4 billion in sales.

The first category of stakeholders in this case are the executives and managers. Their consideration is that the business strongly relies on partners helping them in the provision of the best value products to their customers. Retailers become increasingly dependent on strong managerial relationships in providing the best quality products within their customers’ optimal price points. The second category of stakeholders are the Medicare, Medicaid, and VA patients. These are the main cutomers of PharmaCARE. They are mainly interested in quality customer service as well as top-range products to address their needs (Jennings, 2010). For this reason,

Current Industry. The retail drug industry’s 2010 combined annual revenue was $277 billion, according to the National Association of Chain Drug Stores (Drug Store Industry…, 2011, par. 4).The big players in this industry are CVS Caremark, Corp. Walgreen Co., and Rite-Aid, Corp with Wal-Mart and Target developing more of a presence in recent years. According to the article, the drug store industry is very concentrated with the 50 largest companies generating about 70 percent of the industries revenue (Drug Store Industry…, 2011, par. 4). The industry had grown substantially in the last 50 years and will continue to innovate and develop well into the near future.

By 2006 there were only three major health care distributors, Cardinal, Amerisource, and McKesson, all offering the same products and services (Pearce, 2011). But, Cardinal stood far apart from its competition because a larger percentage of their overall operating income came from non-distribution activities. Their portfolio was diversified into distributing pharmaceuticals, packaging them, providing devices to hospitals that automate dispensing of drugs through their Pyxis subsidiary and providing pharmacy services through Medicine Shoppe (Pearce, 2011).

Drugstores have evolved greatly over the years due to increasing competition. By 1990, the drugstore business was changing in various ways. Demographically, there

The balanced scorecard is a strategic planning and management system that was developed by Dr. Robert S. Kaplan and Dr. David P. Norton in the early 1990's. Their goal was to provide organizations with a clear understanding of what to measure in order to improve performance and results (Balanced Scorecard Institute 2014). The balanced scorecard is a framework that allows an organization to measure performance and compare it to the organization’s strategic objectives and goals (Kinney and Raiborn 2013, 10).

While Walgreens does some exceptional things to serve their customer, they do so in an environment that includes several direct competitors and indirect pharmaceutical solutions. The market is evolving very quickly and the speed and agility in which they conduct their business is critical to remaining a leading force in the industry. Major competitors such as CVS and Rite-Aid are two of the biggest external forces that Walgreens is presently competing against. (Walgreens Boots Alliance, Inc. Competitors, 2015) In addition, retailers such as Target and Wal-Mart have increased their participation and stake in the pharmaceutical market. (Walgreen Co., 2014)

In order to prosper in the company, we need to do many changes for a better future of the company. First of all, we need to identify methods for collecting opinions and input from employee. This means having weekly meetings and collecting verbal/written surveys, that way it allows everyone to contribute and input ideas/opinion. Secondly we need to determine skills needed for each position, training and resource. We will design/perform training, compare past and current skills with what is needed to help Friendly’s pharmacy, and encourage

What are the benefits of hiring a professional help for pharmacy constructions? Read and find out!

Savemymeds was founded by two young entrepreneurs Siddharth Singhal and Sudhanshu Singhal in May, 2013. The website was founded on the principles of social welfare. The aim was to make affordable medicines accessible to all. Right from the start the startup faced a lot of problems ranging from Regulatory restrictions to creating a company with limited resources. Their spirit and conviction has brought them to a point where the Government is seriously considering to allow Online Pharmacy’s in the