Rite Aid Announces First-Ever Innovation Challenge

Company Invites Consumers to Submit Product Ideas That Will Improve the Health & Wellness of Rite Aid Customers

Rite Aid (NYSE: RAD) announced today the launch of its first-ever Innovation Challenge, a nationwide search for original product ideas that will improve the health and wellbeing of Rite Aid customers. Rite Aid’s Innovation Challenge is being conducted in partnership with Edison Nation Medical, a leader in medical and healthcare innovation. Edison Nation Medical will work to design, develop and patent the chosen health and wellness products that will be sold exclusively at Rite Aid stores and www.riteaid.com. The challenge is open to all consumers and runs through March 31.

“Rite Aid is excited to hold its first-ever Innovation Challenge because we believe that our customers, who inspire us every day, are the best partners to help us develop unique products to meet their individual wellness needs and likely those of many of our other customers,” said David Abelman, Rite Aid senior vice president of brand development and innovation. “In addition to reinforcing Rite Aid’s commitment to innovation, this customer centric challenge gives consumers the opportunity to become product inventors and assist Rite Aid in bringing new, meaningful products to our customers.”

If a product idea is chosen, the creator will be receive a $2,500 advance along with ongoing royalties from product sales and be named as the inventor on any patent issued. There is no limit to the number of ideas that may be selected; Rite Aid is committed to potentially developing product ideas that successfully pass Edison Nation Medical’s 8-stage evaluation process and align with Rite Aid’s goal of offering new products and services that assist its customers in improving their health and wellness.

Each idea submitted requires a $25 entry fee. For complete details, official rules or to submit an idea, customers can visit www.riteaid.com/innovationchallenge.

“Edison Nation Medical is thrilled to be working with Rite Aid, one of the nation’s leading drugstore chains, a company that clearly sees the value in fostering innovation and outside-the-box thinking,” said Robert Grajewski, Edison Nation Medical president. “This challenge provides them with a unique opportunity to do even more to improve the health of the customers and communities they serve, and we look forward to working to helping them do so.”

Edison Nation Medical is a healthcare innovation marketplace with deep expertise in open innovation, product development, and medicine. Born out of collaboration with Carolinas HealthCare System, one of the largest public health systems in the United States, Edison Nation Medical's mission is to break down the barriers to healthcare innovation. We make this a reality by providing a clear and easy pathway through our open innovation platform for anyone — physicians, nurses, entrepreneurs, even patients and caregivers — to submit a medical invention idea for full evaluation and potential commercialization.

Rite Aid Corporation is one of the nation's leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2014 annual revenues of $25.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company's website at www.riteaid.com.

Rite Aid CorporationKristin Kellum, 717-975-5713Kristin.kellum@riteaid.com

Rite Aid (NYSE:RAD)
Historical Stock Chart
From Mar 2024 to Apr 2024