Rite Aid’s new management team introduced RxEvolution, the company’s strategic plan earlier this year. Rite Aid’s strategy for evolving the business and revitalizing the brand focuses on innovation in three areas:
- Become the dominant mid-market PBM: Rite Aid’s PBM business is being renamed Elixir and will be closely aligned with its mail-order and specialty pharmacy services, network and rebate administration, and Medicare Part D insurance. With a stronger, integrated offering, Elixir will be well positioned with mid-market employer groups and regional health plans. Rite Aid has completed the recruiting and hiring of its entire new leadership team at Elixir. Integration within Elixir and between Elixir and Rite Aid is moving forward as planned. Rite Aid has taken action as recently as yesterday to realize immediate operational synergies and eliminate unnecessary expense.
- Unlock the value of Rite Aid’s pharmacists: Rite Aid is innovating across all of its retail and mail-order pharmacy channels, including its PBM and suite of pharmacy service solutions.
- Revitalize Rite Aid’s retail and digital experience: Rite Aid is elevating its in-store experience, increasing personalized digital engagement, and refreshing merchandise to include a wide assortment of products with attributes that resonate with Millennial and Gen X consumers.
Rite Aid continues to grow its team of executives as part of its ongoing RxEvolution. The company added Roxanne Schwans as senior vice president of market access and pharmacy purchasing, as well as Chris Bohrer, who will serve as senior vice president of payer and strategic initiatives.
Takeaway: Rite Aid plans to partner with provider systems and health plans as part of its RxEvolution strategy