Talk:CVS Health/Archives/2018

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Proposed CVS Health Page Edits - Feedback Welcome!

My name is Jamie Pappas and I manage corporate communications and social media strategy for CVS Health. I am working on a project to update our Wikipedia page with factual and relevant information to make it more useful for visitors who may wish to learn more. I am keen to observe the Wikipedia guidelines and etiquette standards of factual, neutral information on our page.

I am going to be proposing changes over the course of the months of October - December 2016 and welcome your feedback on the proposed changes.

JamiePappas (talk)

Forthcoming Proposed Sections & Edits:

* Introduction - Implemented October 25, 2016
  • History & Timeline - Implemented October 25, 2016
  • Subsidiaries & Assets - Implemented October 25, 2016
  • Company Name - Implemented October 25, 2016
  • Community Involvement
  • Tobacco product sales discontinued
  • Recognition & Awards

Proposed Introduction:

Implemented October 25, 2016

CVS Health (previously CVS Corporation and CVS Caremark Corporation) (stylized as CVSHealth) is an American retail pharmacy and health care company headquartered in Woonsocket, Rhode Island. The company began in 1963 with three partners who grew the venture from a parent company, Mark Steven, Inc., that helped retailers manage their health and beauty aid product lines. The business began as a chain of health and beauty aid stores, but within several years, pharmacies were added. To facilitate growth and expansion, the company joined The Melville Corporation, which managed a string of retail businesses. Following a period of growth in the 1980s and 1990s, CVS Corporation spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Exchange as NYSE: CVS [1]

It later completed a merger with the pharmacy benefit management company Caremark Rx in 2007 and was consequently renamed CVS Caremark Corporation. The company was renamed CVS Health in 2014 following its decision to remove tobacco products from CVS Pharmacy story shelves. CVS Health's assets include CVS Pharmacy, CVS Caremark, CVS Speciality, and the retail clinic MinuteClinic. In 2016, it ranked seventh on the Fortune 500 and 18th on the Fortune Global 500 list. [2][3]

Proposed History & Timeline Section:

Implemented October 25, 2016

1960s

[4]
  • 1963: The first Consumer Value Store (CVS), selling health and beauty products, was founded in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and Scandinavian American Ralph Hoagland.
  • 1964: CVS had 17 stores that sold primarily health and beauty products.
  • 1967: CVS began operation of its first stores with pharmacy departments, opening locations in Warwick, Rhode Island and Cumberland, Rhode Island.
  • 1969: CVS was sold to Melville Corporation.

1970s

[5]
  • 1970: CVS operated 100 stores in New England and the Northeast.
  • 1972: CVS acquired 84 Clinton Drug and Discount Stores. The purchase introduced CVS to the Midwest with stores in Indiana.
  • 1977: CVS acquired 36 New Jersey–based Mack Drug stores.

1980s

[6]
  • 1980: CVS became the 15th largest pharmacy chain in the U.S. with 408 stores and $414 million in sales.
  • 1983: Hemophilia patient home health care is launched.
  • 1988: CVS Pharmacy celebrated its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion.

1990s

* 1990: CVS acquired 500 Peoples Drug stores, establishing the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland and Virginia. [7]
  • 1994: CVS launched PharmaCare, a pharmacy benefit management (PBM) company.[8]
  • 1996: CVS Corporation became a standalone company trading on the New York Stock Exchange under the "CVS" ticker. Stanley Goldstein was the company’s first chairman.[9]
  • 1997: CVS acquired over 2,500 Revco drug stores, establishing the company in additional Midwestern, Southeastern and Eastern states.[10]
  • 1998: CVS acquired 207 stores from Arbor Drugs,[11] giving CVS its first stores in Michigan.
  • 1999: CVS acquired Soma.com, the first online pharmacy, and renamed it CVS.com to become the first fully integrated online and brick-and-mortar pharmacy offering to consumers.

2000s

* 2000: CVS acquired Stadtlander pharmacy from Bergen Brunswig Corporation, making CVS ProCare the largest specialty pharmacy in the U.S. at the time.[12]
  • 2001: CVS/pharmacy launched the ExtraCare loyalty card program. Within a year, 30 million customers enrolled to earn rewards and receive discounts.[13]
  • 2004: CVS purchased 1,268 Eckerd drug stores and Eckerd Health Services, Eckerd’s PBM/Mail-order pharmacy business, from JCPenney.[14] The purchase expanded the company’s footprint in Texas, Florida and other southern states.
  • 2006: CVS acquired 700 freestanding drug store operations of supermarket chain Albertsons, [15] including stores trading under the Osco Drug and Sav-On Drugs banners.[16]
  • 2006: CVS acquired Minneapolis-based MinuteClinic, as a wholly owned subsidiary of CVS Corporation. [17]
  • 2007: CVS Corporation and Caremark Rx, Inc. complete their transformative merger, creating CVS Caremark, an integrated pharmacy services provider, and the corporate headquarters remained in Woonsocket, RI. Tom Ryan, the Chairman & CEO of CVS remained president and CEO of CVS Caremark Corporation, while Caremark's Edwin Crawford became the Chairman of the Board.[18]
  • 2008: CVS Caremark acquired 541 stores from Longs Drugs Stores Corp in California, Hawaii, Nevada and Arizona.[19]

2010s

* 2011: Larry Merlo succeeds Tom Ryan as President and CEO of CVS Caremark. Merlo joined CVS/pharmacy in 1990 through the acquisition of People's Drug. [20]
  • 2014: CVS Caremark acquired Coram, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc.
  • 2014: CVS Caremark announced it would stop selling cigarettes and tobacco products in all of its CVS/pharmacy stores. [21]
  • 2014: CVS Caremark removed all cigarettes and tobacco products from its CVS/pharmacy stores and launched a national smoking cessation program. The company also changed its corporate name to CVS Health.[22]
  • 2014: CVS Health acquired 33 Miami-based Navarro Discount Pharmacy stores, the largest Hispanic-owned drugstore chain the United States. [23]
  • 2015: CVS Heath acquired Omnicare, provider of pharmacy services to long-term care facilities. [24]
  • 2015: CVS Health acquires Target Corporation's 1,600+ pharmacies and retail medical clinics. CVS will operate them through a store-within-a-store format. [25]

Proposed Subsidiaries & Assets Section:

Implemented October 25, 2016
  • CVS Pharmacy® is one of the largest retail pharmacy chains in the United States, with 9,600 stores located in 49 states, the District of Columbia, and Puerto Rico, operating primarily under the CVS Pharmacy, CVS, Longs Drugs, Navarro Discount Pharmacy and Drogaria Onofre names.[26] CVS Pharmacy fills more than one of every five prescriptions in the United States, and 76% of the U.S. population now lives within 5 miles of a CVS Pharmacy. The ExtraCare loyalty program boasts over 70 million cardholders, making it the largest retail loyalty program in the country.[27]
  • MinuteClinic® retail medical clinics operate inside CVS Pharmacy locations within the United States. It is the largest walk-in medical clinic in the United States, with over 1,100 locations in 33 states and the District of Columbia. More than 50 percent of the U.S. population now lives within 10 miles of a MinuteClinic.[28]
  • CVS Caremark® provides comprehensive prescription benefit management services including mail order pharmacy services, specialty pharmacy and infusion services, plan design and administration, formulary management and claims processing. The company’s clients are primarily employers, insurance companies, unions, government employee groups, health plans, Managed Medicaid plans and other sponsors of health benefit plans and individuals throughout the United States. CVS Caremark manages the dispensing of prescription drugs for more than 75 million plan members. through five mail order pharmacies, specialty pharmacies, long-term care pharmacies and national network of more than 68,000 retail pharmacies, consisting of approximately 41,000 chain pharmacies and 27,000 independent pharmacies. [29]
  • CVS Specialty™ is the specialty pharmacy division that provides specialty pharmacy services for individuals with chronic or genetic diseases who require complex and expensive drug therapies. CVS Health operate 24 retail specialty pharmacy stores and 11 specialty mail order pharmacies, making them the largest specialty pharmacy in the United States. [30]
  • Drogaria Onofre is a Brazilian drug chain acquired by CVS Health in February 2013. It has 47 stores in five states in the country and operates branches in the cities of São Paulo, Rio de Janeiro, Belo Horizonte, São José do Rio Preto, Sao Jose dos Campos and Santos.[31]
  • Longs Drugs is a retail pharmacy chain with approximately 40 drug stores throughout the state of Hawaii. The company was acquired by CVS Health in October 2008 and is operated as as separate brand. [32]
  • Navarro Discount Pharmacy, frequently referred to as Navarro, is a pharmacy chain, photo service, and pharmacy benefit manager in the United States. The company was acquired by CVS Health in September, 2014 and is operated as a separate brand of CVS Health. The company mainly operates in Miami-Dade and Broward Counties and currently has 33 stores. [33]
  • Accordant® provides rare disease case management and care management services for patients with rare, chronic diseases and their caregivers. Clients are primarily health plans, employers, and third party administrators (TPAs). The company is operated as a wholly owned subsidiary of CVS Health Corporation.[34]
  • Coram® is one of the nation’s largest providers of infusion services, clinical and compliance monitoring and individual patient counseling and education. Coram cares for 140,000 patients annually through a national network of more than 85 locations as well as the largest home infusion network in the United States. [35] The company was acquired by CVS Health in August 2015 and is operated as a wholly owned subsidiary of CVS Health Corporation. [36]
  • Omnicare® is a provider of pharmacy services to the long-term care market for patients in skilled nursing and assisted living facilities throughout North America. The company was acquired by CVS Health in August 2015 and is operated as a wholly owned subsidiary of CVS Health Corporation. [37]

References

  1. ^ "CVS Corporation History". Retrieved 2016-10-20.
  2. ^ "CVS Health: Fortune 500". Fortune 500. Retrieved 2016-10-20.
  3. ^ "CVS Health: Fortune Global 500". Fortune Global 500. Retrieved 2016-10-20.
  4. ^ "History: CVS Health Corporate Website". Retrieved 2016-10-20.
  5. ^ "History: CVS Health Corporate Website". Retrieved 2016-10-20.
  6. ^ "History: CVS Health Corporate Website". Retrieved 2016-10-20.
  7. ^ "History: CVS Health Corporate Website". Retrieved 2016-10-20.
  8. ^ "Melville Corp, Form 10-K, Annual Report, Filing Date Mar 29, 1995". secdatabase.com. Retrieved Mar 29, 2013.
  9. ^ "Melville Corp, Form 8-K, Annual Report, Filing Date December 4, 1995". secdatabase.com. Retrieved Oct 20, 2016.
  10. ^ "CVS Corp, Form 8-K, Current Report, Filing Date May 30, 1997". secdatabase.com. Retrieved Mar 29, 2013.
  11. ^ "CVS Caremark, Form 8-K, Current Report, Filing Date Apr 3, 1998". secdatabase.com. Retrieved Mar 29, 2013.
  12. ^ "CVS Caremark, Form 10-Q, Quarterly Report, Filing Date Nov 14, 2000". secdatabase.com. Retrieved Mar 29, 2013.
  13. ^ "History: CVS Health Corporate Website". Retrieved 2016-10-20.
  14. ^ "CVS Caremark, Form 8-K, Current Report, Filing Date Apr 6, 2004" (PDF). secdatabase.com. Retrieved Mar 29, 2013.
  15. ^ "CVS Caremark, Form 8-K, Current Report, Filing Date Jun 30, 2006" (PDF). secdatabase.com. Retrieved Mar 29, 2013.
  16. ^ "CVS Caremark, Form 8-K/A, Filing Date Aug 8, 2006". secdatabase.com. Retrieved Mar 29, 2013.
  17. ^ "CVS focused on integrating mergers". Retrieved 2008-02-25.
  18. ^ "CVS Caremark, Form 8-K, Current Report, Filing Date Mar 23, 2007". secdatabase.com. Retrieved Mar 29, 2013.
  19. ^ "CVS Caremark, Form 8-K, Current Report, Filing Date Oct 20, 2008". secdatabase.com. Retrieved Mar 29, 2013.
  20. ^ "History: CVS Health Corporate Website". Retrieved 2016-10-20.
  21. ^ "CVS Caremark to Stop Selling Tobacco at all CVS/pharmacy Locations". PRNewswire. Retrieved 20 October 2016.
  22. ^ "CVS Stops Tobacco Sales Sooner Than Planned, Changes Name". NBC News. Retrieved 3 September 2014.
  23. ^ Randy Hofbauer (2014-07-14). "CVS to acquire Navarro Discount Pharmacy". Store Brands magazine, Stagnito Business Information. Retrieved 2014-07-15.
  24. ^ "CVS Health Corp, Form 8-K, Current Report, Filing Date August 18, 2015". secdatabase.com. Retrieved Oct 20, 2016.
  25. ^ "CVS Health Corp, Form 8-K, Current Report, Filing Date December 16, 2015". secdatabase.com. Retrieved Oct 20, 2016.
  26. ^ "CVS/pharmacy". CVS Health. Retrieved 15 June 2015.
  27. ^ "CVS Health 2015 Annual Report" (PDF). Retrieved 20 Oct 2016.
  28. ^ "CVS Health 2015 Annual Report" (PDF). Retrieved 20 Oct 2016.
  29. ^ "CVS Health 2015 Annual Report" (PDF). Retrieved 20 Oct 2016.
  30. ^ "CVS Health 2015 Annual Report" (PDF). Retrieved 20 Oct 2016.
  31. ^ "Drogaria Onofre website". Retrieved 21 Oct 2016.
  32. ^ "CVS Caremark Reports Successful Tender Offer for Longs Drug Stores Shares". Retrieved 21 Oct 2016.
  33. ^ "CVS Health Completes Purchase of Navarro Discount Pharmacy". Retrieved 21 Oct 2016.
  34. ^ "Accordant website". Retrieved 21 Oct 2016.
  35. ^ "CVS Health 2015 Annual Report" (PDF). Retrieved 20 Oct 2016.
  36. ^ "CVS Caremark Completes Acquisition of Coram Infusion Business from Apria Healthcare". Retrieved 21 Oct 2016.
  37. ^ "CVS Health Completes Omnicare Acquisition". Retrieved 21 Oct 2016.
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