CVS Pharmacy Globalization Decision
Natalie Backlawski, Lila Vogel, Anna Wadsworth
Title: CVS Pharmacy Globalization Decision
Subject Area: International Business
Region: Dominican Republic
Industry: Retail Health Care
Company: CVS Pharmacy
Challenge: In this case, we analyzed CVS Pharmacy and its efforts for international expansion. This growth is motivated by a need for more pharmacies during the COVID-19 pandemic and a newfound global hyper-awareness of health. The two markets examined in this case study are the Dominican Republic and China. These choices were made because of the saturation of the market, geographical proximity to the home country, and closeness to other international locations. Both markets have appealing attributes. CVS Pharmacy previously expanded into Puerto Rico, therefore their next international location will determine the future of additional growth opportunities.
“CVS Pharmacy Globalization Decision” as a BE-EDGE Project :
Investment to Personal Capital:
Four Northeastern University undergraduate students chose CVS Pharmacy for their BE-EDGE consulting case, which furthered their understanding of global industries and boosted their confidence in today’s complex business environment.
Natalie’s CORE as a PRO: Natalie did not have a personal connection to the company. However, her mother works in Healthcare, and Natalie has always looked up to her mother and been inspired by all that she has told Natalie over the years regarding the healthcare industry. The project allowed Natalie to become knowledgeable about businesses in a country other than the U.S. with her team’s extensive research. Both the project analysis and International Business class itself has inspired Natalie to want to eventually pursue a Master’s degree in Business Analytics with a concentration in the Pharmaceutical/Biotech/Healthcare Industry.
Anna’s CORE as a PRO: Although not personally connected to the company, Anna’s research and data collection created an interest in international business relations and consulting. With her ability to respond to confusion anyone had with the information collected by the team and her time management, Anna was a key player during the semester. She was able to learn even more about data collection and is excited with her new abilities and to be able to share this knowledge in the future.
Lila’s CORE as a PRO: Despite no prior experience in international business, Lila’s involvement in this project sparked her interest in the subject. With her written communication skills and eagerness to learn about the world around her, Lila acted as a group team player. She did not think that international business would be a path she would embark on, however, her experience in this course and project has left her with an open mind and hunger to learn more.
Investment to Social Capital :
The group grew both as individuals and as a well-established team. They learned invaluable leadership skills and lessons in overcoming adversity. The refinement of their public speaking abilities, confrontations of strengths and weaknesses among group members, and the understanding of how to utilize strengths were all contributed to the team members’ skill sets. They felt what truly working hard with other people means, and their ability to understand each other and unite ingrained these valuable ideologies.
Investment to Professional Capital :
An essential component of this case was conducting thorough market research. The group researched potential markets in great depth, understanding the necessity of informed decisions. They applied analysis tools like the PESTEL model and the Business Model on a global problem in order to gain a holistic perspective on potential markets. Afterward, they weighed various global strategies and entry modes, as well as quantitatively selected the best opportunity. On the basis of their research, they selected the most lucrative market, decided on a global strategy and an entry mode, and designed an appropriate suggestion for globalization, while also keeping in mind important ethical implications.
Capitals Utilization :
The team is currently furthering their paper and working towards publication in SAGE, making them published case writers and consultants with proof of completed projects. The members are embarking to apply for co-op in the coming semesters. With that, this project is sure to help prove their value as business experts to hiring managers in the future.