Walmart exec joins Target
Target Corp. named a sourcing veteran to head up its global sourcing organization.
The discounter, which is the second largest U.S. importer, named William J. Foudy, Jr. as president, Target Sourcing Services, effective June 17. Target Sourcing Services has 14 offices around the world, which facilitate production in 34 countries.
Foudy joins Target from Walmart, where he was VP of global sourcing, based in Hong Kong. He has more than 25 years of experience in the sourcing industry and has led international teams for brands such as Adidas and Nike. In his new role, Foudy will oversee Target’s global sourcing organization, including strategy, operations, quality assurance, product safety and responsible sourcing initiatives. He will report to Target’s executive VP and chief merchandising officer, Mark Tritton.
“Target’s global sourcing operations are a key strength of ours and integral to our ability to deliver a differentiated assortment at an unmatched value in the market,” said Tritton. “The broad scope of Bill’s retail experience, including his tenure working with global brands, will accelerate our efforts as we continue to reimagine our owned brand portfolio, offering guests even more unique products for an incredible price that they can find only at Target.”
Amazon expands its distribution network in Ohio
Amazon is opening a new fulfillment center in the Buckeye state.
The online giant is preparing to open a new 855,000 sq. ft. facility in Ohio, its sixth in the state. Amazon currently operates distribution centers in the cities of Etna and Obetz. It is also preparing to launch operations in North Randall and Monroe by the end of 2018, and its Euclid warehouse is set to open in 2019.
Amazon’s newest facility will create 1,500 jobs, and associates will be tasked with picking, packing and shipping electronics, books, housewares and toys.
The company has created more than 6,000 full-time jobs in Ohio, and invested over $2 billion in the state since 2011, both in customer fulfillment infrastructure and compensation to its employees in the state, according to the company.
CVS applauds President Trump’s campaign to slash drug prices
President Donald Trump has the support of CVS Health when it comes to slashing drug prices.
On Friday, President Trump proposed an aggressive campaign to cut prescription drug prices for patients — a campaign promise he had yet to address until now. Under the new plan, called American Patients First, rules preventing government health programs from securing deeper discounts on drug prices would be lifted. In addition, the United States would push other developed countries with tighter price controls to pay more for medicines, and new incentives would induce drugmakers to lower list prices and prevent them from gaming the system to extend their monopolies, according to Bloomberg.
CVS is bullish on the plan, which dovetails within its own efforts to lower the cost of drugs for its customers.
“At CVS Health, we see every day the impact rising drug costs have on our patients. That’s why we have developed and supported innovative solutions to lower health care costs, and we look forward to partnering with leaders to continue to do so. We commend the Trump Administration’s focus on reducing the cost of prescription drugs, and we agree more can and needs to be done,” according to the company.
The company also does not expect policy solutions that lower drug prices for consumers and reduce out-of-pocket costs to have a negative impact on profitability, according to the CVS.
The drugstore retailer added that it is already well-positioned to implement many of the key proposals outlined by President Trump’s administration. For example, CVS provides universal availability of rebates at the point-of-sale as to help customers save on out-of-pocket costs.
The pharmacy retailer also provides patients with information on what they will pay out-of-pocket under their insurance plan, and also suggests less expensive therapeutic alternatives. By sharing this information through its e-prescribing system, CVS can evaluate individual prescription savings opportunities in real-time, saving patients up to $75 per prescription, according to the company.
“We believe this approach leads to greater transparency in drug prices, and unquestionably demonstrates the true cause of rising drug costs for consumers: high list prices set by pharmaceutical manufacturers,” CVS added.