Introduction
CVS Pharmacy currently serves as the second largest pharmacy in the United States, with a strong emphasis on delivering expert care, convenience, and value to customers. Recently, CVS has transformed its business to promote health and wellness by working towards increasing access, lowering costs, and improving the quality of care. In order to better facilitate this transformation, CVS created the MinuteClinic. The MinuteClinic works towards providing CVS customers with high-quality care within reach, whether it be for chronic conditions or common seasonal illnesses. Other services offered by MinuteClinic include vaccinations, physicals and screenings. The clinics are staffed by both nurse practitioners and physician assistants, …show more content…
In order to grow, the retailer will offer completely new services realized through a new business model. The development of this business model should leverage various innovative development strategies, further discussed later in this section.
The team suggests that CVS Health should start a corporate venturing program in order to develop the business model for its MinuteClinics and to acquire outside knowledge. Neither business development nor medical attendance can be counted to the company’s core competencies. This creates the requirement of external specialists and a completely independent development team. Installing a new team inside the established corporate structure would lead to unwelcome inefficiencies. Still, the mindset and technics of the Furr’s and Dyer’s Innovators Method can be used in the new entity to ensure the general success of the new …show more content…
Additionally, one of the executive vice presidents of CVS Health would act as investigator and the company would provide several board members. One of the company’s current senior managers for business strategy would lead a team of ten professionals from the core areas of finance, sales and marketing, accounting and medical care, for which recruiting might be necessary. Two assistants would support the team with reports and communication. It is very important to choose team members with entrepreneurial mindsets in order to gain productivity and efficiency in the unstructured business environment. Also, employees with a broad skillset additional to specific expertise, so called T-shaped people that can collaborate across disciplines, are highly
CVS Pharmacy currently serves as the second largest pharmacy in the United States, with a strong emphasis on delivering expert care, convenience, and value to customers. Recently, CVS has transformed its business to promote health and wellness by working towards increasing access, lowering costs, and improving the quality of care. In order to better facilitate this transformation, CVS created the MinuteClinic. The MinuteClinic works towards providing CVS customers with high-quality care within reach, whether it be for chronic conditions or common seasonal illnesses. Other services offered by MinuteClinic include vaccinations, physicals and screenings. The clinics are staffed by both nurse practitioners and physician assistants, …show more content…
In order to grow, the retailer will offer completely new services realized through a new business model. The development of this business model should leverage various innovative development strategies, further discussed later in this section.
The team suggests that CVS Health should start a corporate venturing program in order to develop the business model for its MinuteClinics and to acquire outside knowledge. Neither business development nor medical attendance can be counted to the company’s core competencies. This creates the requirement of external specialists and a completely independent development team. Installing a new team inside the established corporate structure would lead to unwelcome inefficiencies. Still, the mindset and technics of the Furr’s and Dyer’s Innovators Method can be used in the new entity to ensure the general success of the new …show more content…
Additionally, one of the executive vice presidents of CVS Health would act as investigator and the company would provide several board members. One of the company’s current senior managers for business strategy would lead a team of ten professionals from the core areas of finance, sales and marketing, accounting and medical care, for which recruiting might be necessary. Two assistants would support the team with reports and communication. It is very important to choose team members with entrepreneurial mindsets in order to gain productivity and efficiency in the unstructured business environment. Also, employees with a broad skillset additional to specific expertise, so called T-shaped people that can collaborate across disciplines, are highly