CVS Health
CVS Health
CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain, CVS Caremark, a pharmacy benefits manager, and Aetna, a health insurance provider, among other brands. The company is headquartered in Woonsocket, Rhode Island.
CVS Health was originally founded as the "Consumer Value Store" in 1963. Over the years, it has grown to become one of the largest healthcare companies in the United States, providing a wide range of services and products to millions of customers.
History
CVS Health was founded in 1963 in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. The company began as a chain of health and beauty aid stores, but quickly expanded into the pharmacy business.
In 1967, CVS opened its first stores with pharmacy departments, and by 1972, the company operated 100 stores. The company continued to grow through acquisitions and the expansion of its pharmacy services.
In 2007, CVS acquired Caremark Rx, a leading pharmacy benefits manager, and changed its name to CVS Caremark Corporation. In 2014, the company rebranded as CVS Health to reflect its broader commitment to healthcare.
Services and Operations
CVS Health operates through several segments:
CVS Pharmacy
CVS Pharmacy is one of the largest pharmacy chains in the United States, with thousands of locations nationwide. It offers prescription medications, over-the-counter drugs, health and beauty products, and general merchandise.
CVS Caremark
CVS Caremark is a pharmacy benefits manager that provides services to employers, insurance companies, and other health plan sponsors. It manages prescription drug plans and offers mail order pharmacy services.
Aetna
Aetna is a health insurance provider acquired by CVS Health in 2018. It offers a range of health insurance products, including medical, dental, and vision plans.
MinuteClinic
MinuteClinic is a retail medical clinic located within CVS Pharmacy stores. It provides walk-in healthcare services for minor illnesses and injuries, vaccinations, and health screenings.
Corporate Social Responsibility
CVS Health is committed to corporate social responsibility and has implemented several initiatives to improve public health. In 2014, CVS Pharmacy stopped selling tobacco products, becoming the first major pharmacy chain to do so. The company has also launched programs to combat opioid abuse and improve access to affordable healthcare.
Related Pages
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Contributors: Prab R. Tumpati, MD
