PROVIDENCE – CVS Health Corp. is planning to close its clinical trials segment after only two years of operation.
Mike DeAngelis, executive director for CVS corporate communications, told Providence Business News on Tuesday the company is “winding down our Clinical Trial Services business in a phased way, with a full exit expected by December 31, 2024.” He said it is doing so as part of a constant evaluation of the company’s “portfolio of assets to ensure they are aligned with our long-term strategic priorities.
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“We’ll work with our trial sponsors to ensure a smooth transition, as well as continuity of care and minimal disruption for patients. 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,” DeAngelis added.
DeAngelis did not say how many employees would be affected.
CVS launched its clinical trial business in May 2021 to gain a foothold in COVID-19 vaccine trials, with a focus on three core capabilities: precision patient recruitment, clinical trial delivery and real-world evidence generation and studies. CVS said at the time 80% of studies don’t meet participant enrollment deadlines, and an average of 30% of participants drop out before a study is completed.
“Traditionally low patient enrollment, diversity and engagement coupled with inconvenient trial sites, challenging study participation requirements, including the length of participation, show the need to improve the current model – particularly in response to the COVID-19 pandemic,” said Dr. Troyen A. Brennan, executive vice president and chief medical officer of CVS Health. “Combining clinical trial expertise from across the CVS Health enterprise with our growing connection to the communities we serve, will help create a new clinical trial experience that works better for participants, health care providers, clinical research organizations and study sponsors.”
