Walgreens is (maybe) pulling back from clinical research. CVS already bailed. Walmart and Kroger dabbled and went quiet. So what happened to the big retail pharmacy clinical trials dream—and what does it say about the future of sites and PE-backed networks?

In this episode of Note to File: The Clinical Research Podcast, Denali and Brad dig into the rumors around Walgreens' clinical trial business, the earlier exits from CVS, Walmart, and Kroger, and why running trials out of retail pharmacies is a lot harder—and less lucrative—than the pitch decks made it sound.

We get into:

Retail pharmacies in clinical trials

Why CVS launched hard and then shut it down What Walgreens actually did well (BARDA grant, active protocols, infrastructure) Why "successful trials" still may not hit Walgreens-level margins Could Walgreens have pivoted to become a recruitment vendor instead of a full site? Margins, PE, and the "this looked good in Excel" problem

How clinical research looks like green space until you try to run a site Why even tens of millions in trial revenue can be a rounding error for mega-corporations What this might signal for private equity–backed site networks and consolidation Staffing reality at sites and retail pharmacies

Pharmacists, techs, CRCs: burnout, turnover, and unrealistic expectations The gap between "we need people" and "we can actually hire and keep them" Why personality, adaptability, and breadth of experience beat narrow roles Vendor visits & understanding real site operations

Why Brad wants more vendors to get out of the conference room and into sites How wildly different site workflows kill any idea of a "standard site" Why you can't design site tech from a closet and expect it to work LinkedIn, networking, and experience

The weird over-indexing of clinical research on LinkedIn Using conversations, mentorship, and communities to shortcut the learning curve Why there's no hack for experience—but talking to more people is the closest thing

If you've ever wondered why Walgreens, CVS, and other retail giants keep stepping into—and then out of—the clinical trial space, or what that means for independent sites, PE rollups, and patient access, this one's for you