CVS Health this week said that it is eliminating about 5,000 jobs “to help reduce costs as the retail pharmacy giant sharpens its focus on healthcare services … the jobs affected are primarily corporate positions. CVS said it doesn’t expect customer-oriented roles in stores, pharmacies and clinics will be affected in the layoff plan.”
According to the story, CVS “is cutting down on travel expenses and its use of consultants and vendors … It is also stopping certain business initiatives and using technology to increase productivity.”
CEO Karen Lynch said the changes would enable CVS to “be at the forefront of a once-in-a-generation transformation in health care.”
KC’s View:
Reading between the lines, this almost seems like CVS is having to make cuts because it has overspent on numerous initiatives, mostly in its quest to become more central to the healthcare business.
And yet, at least from my experience, they’re still running kind of crappy mediocre stores that give me very little confidence about entrusting them with a greater percentage of my healthcare dollar.
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