CVS Health is wrapping up its clinical trials unit that launched two years ago to focus on its core business and "long-term strategic priorities," the company said in a statement shared with Becker's.
The company aims to wind down the clinical trials unit in phases, with a full exit expected by Dec. 31, 2024.
"We'll work with our trial sponsors to ensure a smooth transition, as well as continuity of care and minimal disruption for patients," a spokesperson for CVS told Becker's. "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 launched the unit in May 2021 to broaden access to clinical trials and create a better experience for participants to improve retention rates. It is not yet clear whether CVS' clinical trials business has been financially successful.
Walgreens and Walmart also entered the clinical trials sector last year, while Kroger launched a clinical trial site network in January.