|CVS/Pharmacy Ready for Y2K Nation's Leading Drugstore Chain Confident In Its Ability To Serve Customers In The Year 2000|
WOONSOCKET, R.I.--(BUSINESS WIRE)--Dec. 22, 1999--CVS/pharmacy (NYSE:CVS), which has been working since 1996 to address potential problems associated with computer systems unable to properly recognize the year 2000, believes it is Y2K compliant and does not anticipate any problems operating stores and dispensing customers their prescription medication in the new year and beyond.
As of September 1999, CVS has replaced or remediated all of its critical business systems, and has completed testing these systems, which include point-of-sale price scanning, the pharmacy computer system, supply chain management, financial accounting and other corporate and store-based systems.
CVS, as a member of the National Association of Chain Drug Stores (NACDS), is cooperating with the Pharmaceutical Alliance for Y2K Readiness to assure pharmacy customers that their prescription records are safe and that they will have an uninterrupted supply of medication.
NACDS recommends that customers refill their prescriptions when they have a 5-7 day supply remaining, which is good practice under normal circumstances. CVS is also advising customers not to overstock their medications, as the company's 12,000 pharmacists have ready access to a 90-day supply of inventory in the drug supply system. CVS's and the pharmacy industry's ability to maintain the public's access to prescription medication in emergencies has been successfully tested time and again during natural disasters and regional power failures.
CVS embarked on a customer education campaign in October, supplying pharmacy counters throughout its chain with informational pamphlets regarding the company's Y2K readiness and its ability to serve customers in the new year. The company also ran television commercials in its major markets promoting its Y2K compliance. CVS believes that this campaign has been effective, and has detected no major instances of customers hoarding medication or other merchandise available in its stores.
During the New Year's holiday weekend, including the critical date changeover, CVS will provide round-the-clock coverage in its Y2K Control Center at its Rhode Island-based headquarters to monitor store, distribution center and system operations and respond to any possible business disruptions. Contingency plans are in place to deal with potential Y2K issues either at CVS or with any of our suppliers or service providers.
CVS has received positive feedback from most of its key business partners regarding their Y2K compliance and will continue ongoing communications with them throughout the date changeover to minimize any potential problems that might affect CVS.
CVS/pharmacy's Year 2000 Readiness Disclosure is available on the company's website, at www.cvs.com.
CVS is the largest retail provider of prescriptions in the nation. The Company is the #1 drugstore chain in the U.S., with approximately 4,100 stores in the Northeast, Mid-Atlantic, Southeast and Midwest regions of the country. General information about CVS, including corporate background and press releases, is available at CVS' web site at http://www.CVS.com.
CONTACT: CVS Mike DeAngelis 401-770-2645