WALGREENS

DEERFIELD, Ill. — Walgreens on Tuesday announced the company no longer will participate in the Express Scripts network beginning Jan. 1, 2012, citing unsuccessful renewal negotiations.

DEERFIELD, Ill. — Soon after reporting double-digit earnings per share growth Tuesday morning, Walgreens announced it would forego as much as $5.3 billion in annual sales, representing some 7% of the company’s business and 90 million prescriptions, as it walks away from its relationship with pharmacy benefit manager Express Scripts.

Wall Street reacted badly to the news — sales of Walgreens’ stock were down more than 6% to $42 and change in mid-morning trading.

It’s like if KITT, the talking car on the 80s TV hit “Knight Rider,” consulted Hasselhoff about his excessive drinking while the two used advanced automotive and information-based technology to fight crime — and improve health outcomes.

NEW YORK — The booming healthcare market, which is expected to reach 19.6% of gross domestic product by 2019, is driving a surge of activity from companies looking to develop new products and services to bolster profits and create more convenient patient care, according to a new report by PricewaterhouseCoopers’ Health Research Institute. 


OTC supplier Help Remedies is trying to break through the brands at Duane Reade and Target. Drug Store News sat down with Help visionary and CEO Richard Fine to discuss branding.


Drug Store News: What is the Help Remedies proposition?


WHAT IT MEANS AND WHY IT'S IMPORTANT — Such blog posts as the one from extreme couponer and Walgreens fan Christie Hardcastle announcing the shipment of a Walgreens Infant Care Booklet mailer to American Baby magazine subscribers are important as research shows that social media increasingly is becoming an effective way to communicate with consumers.

CHICAGO — The Windy City’s problem with food deserts is getting attention from the city’s mayor and some of the country’s top retailers, according to published reports.

SAN FRANCISCO — Drug Store News has learned that Tim Canning, president of McKesson’s Health Mart division, is leaving the company to take the position of SVP and chief marketing officer at Omnicare. The move is effective June 17.

“Tim has played an important role in advancing the success of McKesson’s retail independent pharmacy customers through his leadership of key solutions and programs, such as Health Mart,” noted a company representative.