CVS to Shutter Its Two-Year-Old Clinical Trials Unit
After just two years, CVS will shut down its clinical trials division, a spokesperson has confirmed to CenterWatch Weekly.
The company intends to close its Clinical Trial Services unit in stages, the spokesperson said, aiming to close the unit fully by December 2024. The business was launched in May 2021 during the pandemic to support COVID vaccine and treatment trials and eventually non-COVID research.
The reasons for the closing are vague, and there’s mostly speculation at this point, with the spokesperson saying that CVS “continually evaluate[s] our portfolio of assets to ensure they are aligned with our long-term strategic priorities.” They declined to discuss whether the trials unit was closed due to financial reasons.
“We’ll work with our trial sponsors to ensure a smooth transition, as well as continuity of care and minimal disruption for patients,” Mike DeAngelis, CVS Health’s executive director of corporate communications, said. “In parallel, we’re working to support impacted colleagues, and will provide career transition support for those unable to find another role within CVS Health.”
CVS was the first in a wave of major retailers that moved to establish clinical trials service divisions. Other companies that have moved into this space include Walgreens, Walmart and, most recently, Kroger (CenterWatch Weekly, Feb. 13).