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WOONSOCKET, R.I. — CVS Caremark is sponsoring the 2nd Annual Wake Forest Retail Innovation Challenge, which will be held at Wake Forest University School of Business in Winston-Salem, N.C., on Nov. 14 and 15.
The theme of this year's Retail Innovation Challenge is "Enhancing Seniors' Lives." With 10,000 people in the United States turning 65 years old every day, an age demographic that takes two to three times more prescriptions, on average, than those who are younger, CVS Caremark stated that it is in a unique position as a pharmacy innovation company to deliver solutions to better serve the aging population and to foster new ideas in the retail space to improve their lives.
"We are pleased to once again sponsor the Wake Forest Retail Innovation Challenge and participate in this event's spirit of collaboration to help develop new ideas to enhance the lives of our older customers," stated Larry Merlo, president and CEO of CVS Caremark, who will deliver the keynote address on how the company is reinventing pharmacy for better health. "Innovation is one of CVS Caremark's core values, and it informs everything we do at our 7,600 CVS/pharmacy stores, more than 700 MinuteClinic medical clinics and through our industry-leading pharmacy benefits management business to help people on their path to better health."
The 2013 Retail Innovation Challenge is hosted by the Wake Forest University Center for Retail Innovation. Twenty-one student teams will each have two minutes to pitch their best retail idea to enhance the lives of seniors. The best five innovation ideas will deliver a formal 30-minute presentation, and the top three ideas will win cash prizes.
Rob Price, SVP and chief marketing officer of CVS/pharmacy, will serve as one of the judges for the Innovation Challenge and will moderate a discussion panel, "Graymerica – Bracing for the Silver Tsunami," during the Wake Forest event. Price is a member of the 2012 Class of the Henry Crown Fellowship Program at the Aspen Institute.
"As our population ages, retailers must deliver breakthroughs for older Americans," Price stated. "CVS Caremark's sponsorship of the Wake Forest Retail Innovation Challenge is a unique opportunity to engage with some of the nation's best young minds on this journey."