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CVS Health: Company Overview

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History
The first CVS Health store was found in Lowell, Massachusetts by Stanley and Sidney Goldstien and their partner, Ralph Hoagland in 1963. CVS stands for Customer Value Stores. In 1964, the chain grew to 17 stores. The Logo for the company was also developed and displayed on the exterior of the store. In 1967, CVS opened locations in Warwick and Cumberland Rhode Island, beginning their operations of stores with the pharmacy departments. The company was sold to Melville Corporation in 1969. The company also opened 100 stores in New England and the North East. In 1972, the company will double in size with the acquisition of 84 Clinton Drug and Discount stores. The company also achieves $100 million in annual sales in 1974. In 1978, CVS …show more content…

This established the company in the new mid-Atlantic markets which includes Washington, D.C., Pennsylvania, Maryland, and Virginia. Caremark purchased Prescription Health Services or PHS in 1991. The company then spins off from Baxter in 1992. CVS launches Pharmacare in 1994, which provides a range of services to employers and consumers. Tom Ryan is named president and CEO of CVS pharmacy in that same year (CVS Health: History, 1994). CVS will become a standalone company and also trades on the New York Stock Exchange in 1995. Stanley Goldstein is named the company’s first chairman in 1996. In 1997, the company completes its acquisition of more than 2,500 stores from Revco (CVS Health: History, 1994). This is named the largest acquisition in the history of retail pharmacy. Caremark also merges the prescription benefit management business and the biotech business. The company acquires 200 stores from Arbor Drugs of Michigan to bring total sales to $4,100 across 24 states in 1998. In 1999, caremark launches online prescription refills and announces plans to enter Florida. The company also launches CVS.com which is the first integrated online program in the United …show more content…

In 2012, CVS made an announcement that the company had exceeded $100 billion in revenues in 2011. In 2014, the company then purchases Coram with a specialty of infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. CVS also announces that the company will stop selling cigarettes and tobacco products which leads them to removing cigarettes and tobacco products from their shelves and to launch a national smoking cessation program (CVS Health: History, 2014). CVS caremark changes their name CVS Health in that same year in order to reflect a broader commitment to healthcare. The company also completed the purchase of Navarro discount Pharmacy, which is the largest Hispanic-owned drug store chain in the United States. In 2015, CVS completes its aqusition of Omnicare. It also completes its acquisition of Target’s 1,600 and more pharmacies and clinics. In 2016, the company announces “Be the First” which is a 5 year $50 million initiative to help deliver the first tobacco free generation. In 2017, CVS continues to expand access to opioid overdose-reversal medication haloxeane in more than 40 states. The company also lowest cash price in the market for epinephrine auto-injector to treat allergic reactions (CVS Health: History,

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