Skip to main content

Will your medications cost more when CVS takes over Target's pharmacies?

  • Author:
  • Updated:
    Original:

When CVS takes over Target's pharmacy business, there may be more to the change than just the swapping of neon signs.

Though the sale of the Minneapolis retailer's pharmacy wing is still awaiting final approval from federal regulators, some experts are warning customers that they may be paying more for their medications when CVS moves in, the Minneapolis / St. Paul Business Journal reports.

But what about Target's "Expect More. Pay Less" philosophy?

That's not a promise that CVS makes, as it's not in the same price-matching game that Target plays with its competitor – Wal-mart – analyst Howard Davidowitz told MPR News. "The prices can't be the same and they won't be the same," he added.

Additionally, pharmacy customers will no longer be able to use Target Pharmacy Rewards or their Target REDCard at the drug counter; however, it will be replaced by ExtraCare, CVS's guest loyalty program.

But as the Business Journal points out, ExtraCare doesn't provide the same five percent discount the REDCard does.

And while CVS has committed to offering Target's cash-paying customers low-cost generic prescription drugs, the company has not said whether it will offer the same inventory of drugs at the same prices, MPR writes.

The sale of its pharmacy operations was part of Target's streamlining and cost-saving strategy, which also saw its full retreat from Canada and the dismissal of about 1,700 corporate employees.

The drug business, as it turns out, was a money-loser for the bullseye, and the $1.9 billion sale promises a hefty cash infusion.

Additionally, Target expects extra foot traffic – and retail sales – from CVS customers entering the stores to fill their prescriptions.

Under the sale, which will likely be finalized by the end of the year, all Target pharmacies will be branded under the CVS name.

Next Up

Owl

New Raptor Center data shows 'substantial drop' in bird flu patients

However, the virus remains a serious health threat for birds.

Screen Shot 2022-05-18 at 6.16.34 PM

Suspect kills himself after shooting woman and baby at Fargo restaurant

The suspect was found dead in a stolen vehicle in Minnesota.

CK Kyle Kasio

Charges: Guest stabbed three men as they slept in Albert Lea

Investigators believe the suspect is related to all three victims.

Kandiyohi County Courthouse

2 charged for fentanyl overdose death of 19-year-old

The-19-year-old died from a fentanyl overdose last month.

storm, severe weather

Severe thunderstorm watch: Hail, 65 mph gusts, tornadoes possible

The watch is just north of the Twin Cities metro area.

Lake Minnetonka

The staggering rise of Minnesota's most famous lakes this spring

Imagine dumping Lake Minnetonka into Lake Superior 47 times.

Marijuana, cannabis

Minnesota Senate shoots down latest marijuana legalization attempt

The bill didn't receive the required votes for further consideration on Wednesday.

tree

Minneapolis wants to use $1M in federal cash to plant 200,000 trees

The goal is to have these trees planted by the year 2040.

Screen Shot 2022-05-18 at 12.54.22 PM

MOA theater to debut wrap-around, 270-degree movie screen

The new technology will expand the movie screen onto the side walls of the theater auditorium.

Related