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Walgreens Partners EnvisionRx on 90-day Health Program

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Leading drugstore chain Walgreens, a part of the first global pharmacy-led, health and well-being enterprise Walgreens Boots Alliance, Inc. WBA, announced a 90-day pharmacy program in collaboration with EnvisionRx, the pharmacy benefit management (PBM) division of EnvisionRxOptions. This health program called Rx90 emphasizes on changing behaviors and improving health conditions in a rising number of patients with chronic conditions.

The health program offers patients the option to fill 90-day prescriptions at any of the nearly 8,200 Walgreens pharmacies nationwide for the same price as home delivery through EnvisionPharmacies’ mail service. The program intends to offer patients with total clinical care and health advice from EnvisionRx and Walgreens pharmacists and to curb down medical expenses related to clinical visits and hospitalizations.

Walgreens has always focused on offering better pharmacy solutions to its customers and patients. Management of Walgreens is positive on working with EnvisionRx to create a new solution, which can benefit patients, health plans and employers.

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This latest alliance is expected to prove beneficial for Walgreens’ business as cooperation with PBMs and health plans are important in today’s healthcare setting to ensure the availability of medications at affordable prices along with efficient pharmacy support.

According to a Ken Research report, future growth of pharmacy retail market is expected to be led by acceleration in over-the-counter drugs segment and online pharmacies. With a number of drugs (worth $150 billion as per a global generic drugs market 2016 report) waiting to lose their patent by 2020, this is a lucrative opportunity for both drug retailers and PBM companies to reap profits.

Walgreen’s retail pharmacy segment recorded positive numbers in the recently concluded third quarter. The company is confident about the success of its ongoing pharmacy programs aimed at offering affordable medications.

Other recent developments include the company’s partnership with the U.S. Department of Health and Human Services (HHS) for a free flu vaccination program. The company has also made an effort to fight prescription drug abuse through collaboration with American Pharmacists Association (APhA).

Zacks Rank & Key Picks

Walgreens currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the medical product sector are GW Pharmaceuticals plc GWPH, NuVasive, Inc. NUVA and Quidel Corp. QDEL. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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