CVS Caremark: Company Overview

Introduction

CVS Caremark (NYSE:CVS) is the 2nd leading pharmaceutical service used in the country. “The key success factors for CVS/Caremark are “enhancing access, lowering costs and improving health outcomes through the company’s consumer-driven, channel-agnostic solutions. (Richardson, 2015).” CVS Caremark is the pharmacy part of CVS that offers customers services they can use to achieve better healthcare. In addition to the pharmacy portion of the stores, they also include beauty and photo lab sections. The CVS Caremark name was changed and established in 2007 as a reaction of the coming together of the world’s biggest retail pharmacy chain, CVS, and the second largest prescription benefits manager (PBM), Caremark Rx. CVS Corporation was

The acronym CVS stands for “Consumer Value Stores”. In 1969 the CVS store was purchased by Melville Corporation and since then there has been 27 years of progress and development on the east coast and the Midwest locations. After CVS became a standalone company, 7,700 drug stores popped up all around the world with pharmacies, mail order and special pharmacies, and health clinics. The company transformed from a drug store selling items such as cigarettes, to a primary health store. The store’s commitment to better the health of their customers forced them to discontinue the selling of tobacco products. As of 2015, the company has ranked number 10 on the Fortune 500 list, in which was better than the 12th rank from 2014. CVS is a very successful company with net sales of $123.133, 000,000 from last year. “Our company has grown and changed over the years, but our commitment to our customers, clients and communities has never wavered. Learn how we've been helping people on their path to better health for more than 50 years.

The values of this company provide the foundation for the business to grow. CVS is a trusted brand and is recognized all over the world. The CVS Company has three main services, Care Mark Pharmacy services, CVS pharmacy/convenient store, and a walk in clinic. “CVS's front-store business, which sells prescription drugs and an assortment of general merchandise, offers ExtraCare loyalty program to its customers. The ExtraCare loyalty program, introduced in 2001, is one of the largest and most successful retail loyalty programs in the US. Customers who choose to participate in the ExtraCare loyalty program receive mailers featuring special coupon offers and health information. They also receive exclusive cardholder savings on select merchandise, and earn "Extra Bucks" for purchases they make during designated shopping periods. (Marketline,2015).” This well-known pharmacy has a variety network with 7,700 current drug and pharmacy stores. All the store put together gather a total revenue of 68%. CVS holds special programs that benefit their customers. One program is their rewards program, in which customers receive discount cards and emails according to their visits to a CVS location. The walk- in clinics in CVS have many locations in the United States with about 900 outlet units. The store locations employee almost 200,000 employees with several benefits and excellence in