CVS 2004 Annual Report Download - page 2

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Another customer finds relief.
From a toddler’s ear infection to a flare up of asthma, illnesses often
have little regard for the clock. CVS has been doing its part to help,
with approximately 60 percent of our stores offering 24- or extended-
hour service. It’s just one of the many ways we make our pharmacy
experience “CVS easy.”™After all, the pharmacy accounts for
70 percent of our overall sales. CVS has a 13.5 percent share of the
retail pharmacy market nationally, and we fill one in every five
prescriptions in markets where we operate.
Thanks to the Pharmacy Service Initiative (PSI)we launched in
2003, CVS is also making sure that prescriptions are “ready when
promised”™at any hour. Our pharmacy initiatives have freed up our
pharmacists to spend more time counseling customers as well. As a
result, customer service scores posted healthy gains in 2004. To realize
similar benefits in the acquired Eckerd stores, we completed the
training of more than 11,000 pharmacists and pharmacy support
personnel on CVS systems, service processes, and standards.
With more than 5,300 retail stores throughout the country and more
on the way, CVS is well positioned to benefit from long-term pharmacy
growth trends. The U.S. population is aging, healthcare costs are rising,
and pharmaceuticals remain often the most cost-effective form of
treatment. That’s why patients, managed care companies, and employers
will likely embrace the many new drugs now in the pipeline for cancer,
Alzheimer’s, and other diseases. Meanwhile, patents are set to expire on
several popular branded drugs, and our pharmacies will be stocked with
lower-cost generic equivalents as they become available.
2:00am