Walgreens Walgreens plans to open at least 600 medical testing locations run by Laboratory Corp. of America Holdings in its drugstores. (Photo: Shutterstock)

Megamergers are roiling the pharmacy business, but one of the biggest players is betting on smaller pacts to help power its growth.

On a conference call with analysts on Thursday, executives from Walgreens Boots Alliance Inc., which runs a pharmacy chain rivaled in size only by CVS Health Corp., emphasized a partnership strategy as a key to driving more customers into its stores.

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