1. CVS Health is discontinuing its clinical trial business, citing a shift in long-term priorities.
2. The company will phase out clinical trial services and complete its exit by the end of 2024.
3. CVS Health's decision came as a surprise to industry experts who believed the business was growing and profitable.
4. The clinical trial services business was launched in May 2021, focusing on patient recruitment, real-world data collection, and decentralized trial delivery.
5. It is speculated that CVS struggled with the clinical trial delivery service, while patient recruitment and data collection arms were generating revenue.
6. CVS is currently recruiting for five active clinical trials, including narcolepsy, kidney disease, and rheumatoid arthritis.
7. The company will work with trial sponsors to ensure a smooth transition and minimal disruption for patients.
8. Competitors such as Walgreens, Walmart, and Kroger have also ventured into the clinical trial business.
9. Decentralized clinical trials have gained popularity, but they come with challenges related to safety, regulatory concerns, and standardization.
10. CVS's recent focus has been on building a vertically integrated healthcare business through targeted acquisitions in primary care, and clinical trial delivery may have been more complex than anticipated.