BURLINGTON — Laboratory Corporation of America Holdings plans to open at least 600 patient service centers across the U.S. in an expansion of its partnership with one of the nation’s largest drugstore chains.
The Burlington, North Carolina-based clinical laboratory company, which is part of the S&P 500, announced Wednesday a commitment with Walgreens Boots Alliance Inc. to increase the national presence of its LabCorp at Walgreens locations.
Started in June 2017, the convenience- and consumer-focused collaboration has resulted in the opening of patient service centers operated by LabCorp at 17 Walgreens locations. Located near the pharmacy area inside Walgreens stores, LabCorp offers specimen collection services for testing along with customer access to health services and information.
In a past filing with the Securities and Exchange Commission, LabCorp said that through blood draws and biometric assessments of customers, its patient service centers help the company in creating “distinctive and innovative solutions to streamline drug development.”
“LabCorp at Walgreens is a central piece of our expanding consumer strategy, as we continue to create new channels for our offering by meeting consumers where they want to be met, extending the reach of our mission to improve health and improve lives,” LabCorp CEO David P. King said in a release.
The expansion will enhance LabCorp’s presence in the U.S. consumer market. The company operates just under 2,000 patient service centers as a whole in the U.S. as of the announcement.
The two companies expect the process to take place over the next four years, and an estimate on the overall cost of the expansion was not given. LabCorp’s currently operates patient service centers in Walgreens stores in North Carolina, Florida, Colorado and Illinois.
LabCorp, which saw over $10 billion in revenue for fiscal 2017, offers clinical laboratory tests to health care providers and commercial clients across the globe, including blood chemistry tests, hepatitis C tests and substance-abuse tests.
According to the press release, the two companies are pursuing other collaboration opportunities that combine LabCorp’s diagnostic and drug development expertise with Walgreens’ experience in retail health and consumer engagement.
“This reflects our commitment to transform our stores into neighborhood health destinations that provide a differentiated, consumer-focused experience, while providing access to a broad range of affordable health care services at a trusted and convenient setting,” said Walgreens Boots Alliance CEO Stefano Pessina.
Previous to the Wednesday evening announcement, LabCorp shares closed the day trading at $170.46, just over a 1 percent decline from the day’s opening. Since late-July, the company has seen its stock tumble 9.4 percent.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
