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WBA accelerates investment in VillageMD

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Revised agreement will enable a faster clinic rollout

WBA accelerates investment in VillageMD

DEERFIELD, Ill. — Walgreens Boots Alliance is ramping up its investment in VillageMD in order to support the opening of 600 to 700 Village Medical at Walgreens primary care clinics in more than 30 U.S. markets within the next four years. Those clinics are to be followed by hundreds more after that.

“Walgreens is focused on creating the pharmacy of the future, providing a broad and meaningful range of high-quality, affordable healthcare services to our patients and customers,” said Stefano Pessina, executive vice chairman and CEO, Walgreens Boots Alliance. “Through these conveniently located clinics at our neighborhood stores, we will uniquely integrate the pharmacist as a critical member of VillageMD’s multi-disciplinary care team to provide patients with personalized and coordinated care.”

Walgreens is the first national pharmacy chain to offer full-service primary care clinics co-located at its stores on a large scale, according to the companies.

“Together with Walgreens, we remain steadfast in our commitment to providing accessible, coordinated primary care in more communities nationwide,” said VillageMD chairman and CEO Tim Barry. “Village Medical at Walgreens offers a full continuum of care to meet patients’ needs with a physician-led team of experienced providers. Our high-tech, high-touch model delivers exceptional and personal care to more patients at a time when coordinated primary care is most critical.”

After a successful pilot that began in Houston in 2019, Walgreens and VillageMD in July announced an ambitious partnership. WBA agreed to invest $1 billion in VillageMD over three years, including an initial $250 million equity investment. WBA and VillageMD said Wednesday that they have now re-negotiated the terms of their agreements. WBA to accelerate its investment and increase the pace and scale of the rollout of the clinics. As of Wednesday, WBA has completed a $750 million investment in VillageMD.

Last month the companies announced plans to open the next 40 full-service primary care clinics in Texas, Arizona and Florida by the end this coming summer 2021. The companies said many of the clinics will be located in medically underserved areas, allowing Village Medical at Walgreens clinics to serve a patient population that includes many people who may not have access to healthcare and are at greater risk of health disparities. The clinics will accept a wide range of health insurance options, offering cost-effective and comprehensive primary care to meet the full continuum of healthcare needs, according to the companies, which added that healthcare services are being offered in a variety of ways, allowing patients to access Village Medical care and support through in-person, at home and via Village Medical telehealth providers on Walgreens Find Care online platform.

 


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