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Walgreens is planning on investing $5.2 billion in its retail clinic partner, VillageMD, a substantial increase from the $1 billion it gave the company last year. Its heightened interest in VillageMD coincides with the growing number of consumers that have been turning to retail clinics for transparent prices and convenient booking options — something traditional primary care practices often lack.
Despite the attention retail clinics have been getting from consumers, it may still be valuable for them to look like a traditional doctor's office. According to an April to May 2021 Morning Consult survey, 56% of consumers ages 35 to 44 place more trust in their primary care doctor, as opposed to 16% of those in the same group who place trust in retail clinics.
Unlike players like Walmart and CVS, which are primarily led by nurse practitioners and physician assistants, Walgreens sets itself apart by having physician-led retail clinics that resemble a traditional primary care practice. This could help Walgreens win consumer trust and ultimately give them an edge over competitors.
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The pandemic has caused its competitor Walmart to face leadership changes and competing business priorities — making it less likely that the company will carry out its original aggressive expansion strategy. This too leaves a window open for Walgreens to move ahead and win greater mindshare among retail clinic customers.
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