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Inside This Issue - News
CVS Caremark Corp. has completed the conversion of nearly 500 Longs Drug Stores in California, Nevada and Arizona to the CVS banner and format. Despite record third quarter sales and profits, CVS Caremark Corp. forecast disappointing results for its pharmacy benefits management business next year, based on the loss of a net of $4.8 billion in contracts. Duane Reade Inc.’s new store in Herald Square in Manhattan has less and more. The National Association of Chain Drug Stores has praised House Speaker Nancy Pelosi (D., Calif.) for supporting community pharmacy’s concerns in the health care reform bill that was expected to be passed by the House earlier this month. A health care reform bill may not make its way out of Congress and onto President Barack Obama’s desk until early next year, lawmakers said earlier this month. Former Rite Aid Corp. executive Greg Drew has become president of the regional drug wholesaler Value Drug Co. Aurora Pharmacy is exiting the supermarket prescription drug business. The nation is facing a severe shortage of seasonal flu and H1N1 vaccines, a situation that many federal and independent health officials agree was unavoidable because the global swine flu pandemic has heightened demand for all flu immunizations well beyond the production capabilities of vaccine manufacturers. With the deadline for the certification requirements of last year’s Consumer Products Safety Improvement Act (CPSIA) set to go into effect early next year, the National Association of Chain Drug Stores is holding a series of online educational forums to help suppliers and retailers prepare for the new regulations. Rite Aid Corp. has completed a plan to refinance debt maturing in September 2010.
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