The nation's second largest pharmacy chain, CVS Pharmacy, has announced that effective October 1 of this year, it will stop selling tobacco products in its 7,600 stores nationwide. Although the move is expected to cost the company roughly $2 billion, CVS believes that this will enhance its transition to more of a health care services-focused company. Business analysts estimate that CVS will post earnings of $132 billion in 2014.
A statement from the American Medical Association said,
"We commend CVS for putting public health ahead of their bottom line and recognizing the need for pharmacies to focus on supporting health and wellness instead of contributing to disease and death caused by tobacco use."The White House also praised CVS' decision, which is hoped will add pressure to large chains like Rite Aid and Walgreens to stop selling tobacco products. The Center for Disease Control estimates that 5 million people per year die from the effects of tobacco use.
