CVS Health is shuttering its clinical trial business two years after announcing the initiative, a spokesperson told BioSpace.
In an email, a CVS spokesperson said that the retail pharmacy chain will instead focus on assets that are “aligned with long-term priorities.” The company will phase out clinical trial services, with a complete exit expected by the end of 2024.
Steve Wimmer, vice president of partnerships at clinical trial recruitment firm 1nHealth, told BioSpace that the “pull-the-plug” decision seems shocking given that CVS got into the clinical trial space under two years ago. “Everything I knew indicated that they were growing and generating revenue,” he said.
Earlier this month, a CVS spokesperson told BioSpace that CVS Health Clinical Trial Services was generating a profit.
CVS Health launched its clinical trial services business in May 2021. The initiative pitched that it could provide clinical trial sponsors and CROs with a large patient pool to increase clinical trial participation, retention and diversify trial participation.