When CVS Health (NYSE: CVS) said on May 14 that it would exit its clinical trial services business after just two years in operation, management at Walgreens Boots Alliance (NASDAQ: WBA) was quick to confirm that it would still be moving forward full speed with building out its own service. Now, the smaller pharmacy chain will have the benefit of one less major competitor trying to work with drug developers to build out their clinical trials. 

But that might not be enough to make the segment into a profitable endeavor for shareholders. Here's why. 

In mid-2022, Walgreens announced that it'd be following in CVS' footsteps to start a new division -- working with pharmaceutical businesses to enroll patients for clinical trials and help organize their engagement with study staff. In the second quarter of this year, Walgreens reported that it had forged its first five contracts for clinical trials, so the plan is proceeding swimmingly.

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Source Fool.com