CVS Health

Overview

CVS Health is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain, CVS Caremark, a pharmacy benefits manager, Aetna, a health insurance provider, and other brands. The company is headquartered in Woonsocket, Rhode Island.

History

CVS Health was originally founded as the Consumer Value Store in 1963 in Lowell, Massachusetts, by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. The store was initially a discount health and beauty retailer. In 1967, CVS opened its first stores with pharmacy departments in Rhode Island.

Business Segments

CVS Health operates through three reportable segments: Pharmacy Services, Retail/LTC, and Health Care Benefits.

Pharmacy Services

The Pharmacy Services segment provides a full range of pharmacy benefit management (PBM) solutions. These include plan design offerings and administration, formulary management, and retail pharmacy network management services.

Retail/LTC

The Retail/LTC segment sells prescription drugs and a wide assortment of general merchandise. This includes over-the-counter drugs, beauty products, cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods.

Health Care Benefits

The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. These include medical, pharmacy, dental, behavioral health, medical management capabilities, and health management services.

Corporate Governance

CVS Health's corporate governance includes a board of directors and several committees. The board is responsible for overseeing the company's overall strategy and making key decisions on major company issues.

Financial Performance

CVS Health's financial performance is reported annually and includes revenue, net income, and earnings per share. The company's financial performance is influenced by various factors, including changes in the healthcare industry, competition, and economic conditions.

Social Responsibility

CVS Health is committed to social responsibility and focuses on improving patient outcomes, reducing costs, and making quality care more accessible. The company's social responsibility initiatives include supporting local communities, improving global health, and reducing its environmental impact.

Criticisms and Controversies

CVS Health has faced several criticisms and controversies over the years. These include issues related to pricing, business practices, and legal challenges.