CVS Bids for Rite Aid Stores Amidst Healthcare Shake-Up

CVS Health has made a bid for Rite Aid stores and patient data in the Pacific Northwest, according to Bloomberg. In other news, the FDA has expanded Merck's cancer drug usage, and South Africa deals with reduced HIV testing after U.S. aid cuts. Meanwhile, UnitedHealth faces a criminal probe over Medicare fraud allegations.

In a strategic move, healthcare conglomerate CVS Health has bid for a significant number of Rite Aid stores and patient data across the Pacific Northwest, Bloomberg News reports. This bid could lead CVS to expand its footprint in states like Washington, Oregon, and Idaho.

The U.S. Food and Drug Administration recently greenlit a broader application of Merck's cancer drug for adrenal gland tumors, marking a significant milestone as the first oral treatment approved for pheochromocytoma and paraganglioma. This development stands to benefit 2,000 U.S. patients annually.

Meanwhile, South Africa faces challenges in its HIV program following U.S. financial aid cuts. Data reveals a decline in HIV testing and monitoring, particularly affecting pregnant women and youth. UnitedHealth Group, another major player in the health sector, is under investigation for possible Medicare fraud, reportedly prompting share value drops.

(With inputs from agencies.)