CVS is greater than only a drugstore chain. 4 years after including “Well being” to its title, CVS Well being enters maybe essentially the most pivotal second in its 55-year historical past because it takes on rising opponents like Amazon and Apple.
CVS needs to be a health-care firm. CVS closed on its $70 billion buy of well being insurer Aetna on Nov. 28 after Aetna offered off some belongings to win antitrust approval from the Justice Division. Though it nonetheless wants court docket approval and might be pared again, the deal is taken into account so transformative that CEO Larry Merlo says it should change the way in which well being care is delivered in the US. It would additionally make CVS Well being one of many nation’s largest health-care firms.
It is a good distance away from the place the Woonsocket, Rhode Island-based firm began.
Brothers Stanley and Sidney Goldstein, together with companion Ralph Hoagland, opened the primary Client Worth Shops in Lowell, Massachusetts, in 1963. That retailer offered well being and wonder merchandise — however not prescribed drugs.
They purchased their first pharmacies in 1967, the primary of many acquisitions that may construct CVS into what it’s right this moment. Over the many years, CVS has scooped up small unbiased pharmacies and regional chains, bringing it into competitors with pharmacy chains like Walgreens and Ceremony Support.
All of these offers established CVS as a nationwide retailer. Its 2006 acquisition of a Minnesota chain of walk-in clinics, referred to as MinuteClinic, confirmed CVS had different ambitions. One 12 months later, in 2007, CVS purchased pharmacy profit supervisor Caremark for $26.5 billion.
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Why CVS Thinks It Can Revolutionize Healthcare