Retail News Breaks
CVS Caremark to co-host retail/health challenge
April 2nd, 2014
WINSTON-SALEM, N.C. – CVS Caremark Corp. has agreed to co-host the annual Wake Forest School of Business Retail and Health Innovation Challenge through 2018.
Wake Forest said Wednesday that the challenge, an event of the Wake Forest University School of Business Center for Retail Innovation, is a two-day competition held each fall that selects 20 teams from top business programs nationwide through their submission of innovative business plans.
The university described the challenge as "an opportunity for participants to learn from experts in the field about the graying of America and how that will affect retailers and marketers."
CVS Caremark served as lead sponsor of the 2013 Retail Innovation Challenge, which Wake Forest said focused on the coming "silver tsunami" and how aging baby boomers are impacting the health care system. A team of Wake Forest MBA students won the 2013 challenge with a medication monitoring and alert system.
The school noted that the new partnership will enable the event to continue to focus on innovations for aging consumers at the intersection of retail and health.
"This partnership will allow the challenge to be a meeting place between retail and health, especially as we focus on the aging consumer," Roger Beahm, executive director of the Center for Retail Innovation and professor of practice in marketing, said in a statement. "The commitment by CVS Caremark will help make our event the most robust retail innovation competition of its kind in academia today."
Wake Forest pointed to the breadth of CVS Caremark's health care and retailing reach. The company operates more than 7,600 CVS/pharmacy stores, and its one of the largest pharmacy benefit managers, serving more than 60 million plan members, as well as the biggest operator of retail health clinics, with over 800 MinuteClinic locations nationwide.
"As a pharmacy innovation company that is committed to helping people on their path to better health, our sponsorship of the Retail and Health Innovation Challenge provides a unique way to for us to identify and nurture new ideas and solutions to address the health care challenges of our aging population," stated Rob Price, chief marketing officer for CVS/pharmacy. "We look forward to deepening our ongoing partnership with Wake Forest University School of Business."
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