The chain will lose about $2 billion in revenues annually from sales of tobacco in its 7,600 stores, but CVS Pharmacy president Helena Foulkes said it just makes sense for a firm now positioning itself as a health care company.
“It was very important to us that, as we’re working with doctors and hospital systems and health plans, that they see us as an extension of their services,” Foulkes said. “It’s virtually impossible to be in the tobacco business when you want to be a health care partner to the health care system.”
President Barack Obama immediately praised CVS. "As one of the largest retailers and pharmacies in America, CVS Caremark sets a powerful example, and today's decision will help advance my Administration's efforts to reduce tobacco-related deaths, cancer, and heart disease, as well as bring down health care costs - ultimately saving lives and protecting untold numbers of families from pain and heartbreak for years to come," he said in a statement.
The move is also an effort to help curb tobacco-related illness and the 480,000 deaths caused by smoking each year in the U.S. Despite huge reductions over the past 50 years, about 18 percent of Americans — 42 million people — still smoke, health officials say. Smoking costs the nation about $289 billion annually in direct medical costs and lost productivity, according to federal figures.
Read more: http://www.nbcnews.com/health/health-news/so-long-cigs-cvs-pulls-tobacco-products-its-stores-n22156
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