Business Wars CVS vs. Walgreens | Powerful Medicine | 1
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Oct 11, 2023 Travel back to 1895 Chicago, where Walgreens begins its rise amid a sea of pharmacies. Explore the fierce rivalry with CVS, ignited by a bold investment from a shoe company. Discover the tension pharmacists face in balancing corporate policies with ethical responsibilities. Witness Walgreens' transformation into a self-service giant and CVS's competitive maneuvers, including strategic acquisitions, that reshape the landscape of American healthcare. Dive into the pivotal moments that fueled this battle for pharmacy domination!
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CVS and the Meth Trade
- In 2008, CVS paid $77 million in fines for unintentionally enabling meth trade by overlooking pseudoephedrine sales.
- Smurfers exploited a flaw in CVS's system, buying legal amounts in California where there wasn't a monthly purchase cap.
Charles Walgreen's Turning Point
- Charles Walgreen, founder of Walgreens, worked odd jobs and gambled before finding purpose.
- He threw his last pennies into the Chicago River, symbolizing his commitment to hard work.
Early Walgreens Strategy
- Charles Walgreen prioritized customer experience and diversified product offerings.
- His early Walgreens stores focused on creating an inviting atmosphere and offering a variety of goods beyond just medicine.
