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Issue 1: Integration of Retail Offerings with Health Insurance and In-Home Care Services
1 Leverage the acquisition of Aetna and Signify Health to combine healthcare and health insurance, offering convenient healthcare services facilitated through medical insurance.
2 Implement telehealth to provide convenient, cost-effective patient care, especially for in-home patients.
3 Enhance care management for in-home patients through the acquisition of Signify Health.
Issue 2: Exploration of International Markets
1 Conquer new markets and reach more customers, increasing sales by exploring international markets.
2 Access new talent pools through international expansion, offering the company unique advantages in diverse educational backgrounds, language proficiency, and increased productivity.
3 Acquire a competitive age over competitors by being the first to enter and operate in a new market, establishing strong brand recognition and customer loyalty before other companies.
“Challenges and Opportunities:
The COVID-19 pandemic affected nearly every company worldwide, and CVS Health was not exceptional. As lockdowns and other government restrictions became the new normal, consumers and businesses embraced e-commerce. CVS Health is known for having brick-and-mortar stores for pharmaceutical and retail sales. But due to the pandemic and the rise of e-commerce, the company is at a critical juncture. CVS Health has to consider telehealth and online retailing while expanding its healthcare services internationally to meet the demand of today’s rapidly changing healthcare industry and position itself as a leader in the retail and healthcare industries.
CVS Health should leverage its acquisition of Aetna and Signify Health to integrate its retail offerings with health insurance and in-home care services. CVS Health acquired Aetna Inc. in 2018 for a combination of CVS Health stock and cash (Abelson, 2018). The acquisition combines Aetna’s insurance business and CVS’s pharmacies to lower costs and expand services. CVS Health can leverage this opportunity to bring together two key components: healthcare and health insurance. This will allow the company to offer convenient healthcare services facilitated through medical insurance. Last year, CVS Health acquired Signify Health (Fox, 2022). The acquisition will allow the organization to offer further care management for in-home patients. This requires the hospital to implement telehealth to provide convenient, cost-effective patient care.
CVS Health can explore international markets. CVS Health has over 9,000 locations around the United States. However, the company does not serve patients or customers outside the United States. CVS Health can benefit significantly through international expansion. First, the company will be able to conquer new markets and reach more customers, increasing sales. Besides, CVS Health can access new talent pools through international expansion. International labor can offer the company unique advantages in diverse educational backgrounds, language proficiency, and increased productivity (van Rossum, 2017). Also, CVS Health can acquire a competitive age over its competitors. For instance, the company can acquire a first-mover advantage by being the first to enter and operate in a new market. Through a first-mover advantage, CVS Health can establish strong brand recognition and build customer loyalty before other companies.
Overall, CVS Health should capitalize on different opportunities in the market. More specifically, CVS Health should leverage its acquisition of Aetna and Signify Health. The company should also continue its efforts in e-commerce. Besides, CVS Health should explore international markets. By leveraging these opportunities, the company will meet the demand of today’s rapidly changing healthcare industry, drive long-term growth and success, and position itself as a leader in the retail and healthcare industries.
References
Abelson, R. (2018). CVS Health and Aetna $69 Billion Merger Is Approved With Conditions. The New York Times. Retrieved from: https://www.nytimes.com/2018/10/10/health/cvs-aetna-merger.html
Fox, A. (2022). CVS Health to purchase Signify Health for $8B. Healthcare IT News. Retrieved from: https://www.healthcareitnews.com/news/cvs-health-purchase-signify-health-8b
Petridis, A. (2022, September). Pharmacies & Drug Stores in the US. IBISWorld. Retrieved February 20, 2022, from https://www.ibisworld.com/united-states/market-research-reports/pharmacies-drug-stores-industry/
Van Rossum, J. (2017). 5 benefits of international expansion. The Business Journals. Retrieved from:
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