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CVS Health completes acquisition of Navarro Discount Pharmacy

BY Antoinette Alexander

WOONSOCKET, R.I. — CVS Health announced Monday morning that it has completed the purchase of Miami-based Navarro Discount Pharmacy.

The acquisition includes Navarro's 33 retail locations and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. The retail pharmacies will retain the Navarro Discount Pharmacy name.

"Navarro has a rich history and commitment to Hispanic consumers and we are excited to welcome them into the CVS Health family," stated Helena Foulkes, president of CVS/pharmacy, the retail division of CVS Health. "We value the strength of the Navarro brand and we look forward to combining Navarro's unique understanding of its customers' needs with CVS/pharmacy's best in class pharmacy services and high quality health, beauty and personal care products, a combination that will strengthen our service to the Hispanic community."

Navarro Discount Pharmacy caters to Hispanic and ethnic marketplaces and further differentiates itself by offering many products and services that are not found in traditional drug stores such as wireless phones, designer fragrances and a large assortment of OTC drugs and vitamins.
 

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CMS: Health spending to slow even as number of insured on the rise

BY Michael Johnsen

BALTIMORE — The number of uninsured is expected to decline by nearly half from 45 million in 2012 to 23 million by 2023 as a result of the coverage expansions associated with the Affordable Care Act, according to a report from the Centers for Medicare and Medicaid Services Office of the Actuary published last week in Health Affairs. But even as there are more insured, health spending growth will remain relatively slow, CMS reported. 
 
Health spending growth for 2013 is projected to remain slow at 3.6%, which would mark the fifth consecutive year of spending growth under 4%. National health expenditures are projected to grow at an average rate of 5.7% for 2013 through 2023, about 110 basis points faster than the expected average annual growth rate for the gross domestic product.  
 
Average annual growth of 6% per year is projected for 2015 through 2023, largely as a result of the continued implementation of the Affordable Care Act coverage expansions, faster projected economic growth and the aging of the population.  
 
While projected growth over the projection period is faster compared to recent experience, it is still slower than the growth observed over the last two decades. From 1990-2008, the average rate was 7.2% and health spending grew 200 basis points faster than GDP.  
 
The National Health Expenditure projections report, issued annually, contains estimates of spending for health care in the United States over the next decade by type of service and source of funding.
 
Other findings include the fact that 2014 spending growth is expected to accelerate. For 2014, the health spending growth rate is expected to be 5.6%, as 9 million Americans are projected to gain health insurance coverage, predominantly through Medicaid or the Health Insurance Marketplaces. Out-of-pocket spending is projected to decline by 0.2%. 
 
And government health expenditures is expected to increase. By 2023, health expenditures financed by federal, state and local governments are projected to account for 48% of national health spending. In 2012, such expenditures constituted 44% of national health spending.
 
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Pharmaca opens fifth Seattle location

BY Michael Johnsen

 

BOULDER, Colo. — Pharmaca Integrative Pharmacy on Friday announced the opening of Pharmaca Wellness & Natural Beauty in the Queen Anne neighborhood of Seattle. 
 
“Seattle residents have already come to know and love Pharmaca’s unique shopping experience, so we're excited to be able to expand our presence here,” stated Laura Coblentz, Pharmaca’s VP marketing and innovation. “Now our neighbors in Queen Anne can get to know Pharmaca too, including our unique product offering and our team of health and beauty experts."
 
The store’s public grand opening will take place on Sept. 13 and 14, when attendees will be treated to complimentary services such as chair massages, mini-facials and mini-makeovers. 
 
The first 100 people who attend the grand opening event will receive a goodie bag filled with a variety of natural health and skincare products. Throughout the weekend, anyone who makes a purchase of $5 or more will receive a complimentary Pharmaca reusable shopping bag. Guests who sign up for Pharmaca’s Feel Better Rewards program, a complimentary membership providing exclusive offers and a quarterly dividend on purchases, will also take home a Pharmaca brand Body Lotion for only one cent. And a donation of 5% of the total retail sales made on Saturday will be given to Queen Anne Helpline, a local charity dedicated to supporting the financial stability, education and health of the community.
 
Queen Anne is Pharmaca’s fifth location in Washington and 26th location in the U.S.
 

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