Although the company’s main assets include pharmacies, walk-in medical clinics, a pharmacy benefit manager and a health insurance company, it continues to forge other strategic business partnerships to accelerate its growth into the healthcare industry.
Here are six strategies CVS used to accelerate its growth, according to CB Insights:
- In 2021, the healthcare giant launched CVS Health Ventures, a $100M venture fund targeting early-stage health technology companies.
- CVS increased its home health presence, partnering with Cancer Treatment Centers of America to offer in-home chemotherapy to oncology patients and partnering with three home-based health startups.
- Aetna, CVS Health’s insurance business, partnered with virtual diabetes care startup Virta through a joint venture with Banner Health. The collaboration gives certain Aetna members access to Virta’s diabetes care management program, which combines remote monitoring with nutrition management.
- CVS partnered with Livongo Health to support CVS Health’s Transform Diabetes Care program. The program helps the retailer’s pharmacy benefit-management clients achieve better health outcomes through improved medication adherence.
- CVS Health Ventures backed startup UniteUs, which builds coordinated care networks to connect health care and social service providers.
- CVS participated in a $7 million series A funding round for MyHealthTeams, a patient social network platform for patients with chronic diseases.
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