CVS Pharmacy
CVS Pharmacy is an American retail and health care company owned by CVS Health. It was originally named the Consumer Value Store and was founded in Lowell, Massachusetts, in 1963. The chain was owned by its original holding company Melville Corporation since its inception until its current parent company CVS Health was spun off into its own company in 1996. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations (over 9,600 as of 2016) and total prescription revenue.
History
CVS Pharmacy was established in Lowell, Massachusetts, in 1963 by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. 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 became a subsidiary of the Melville Corporation, which managed a string of retail businesses. The CVS name once stood for Consumer Value Stores; though Thomas Ryan, former CEO, said he now considers it to stand for "Convenience, Value, and Service".
Operations
CVS Pharmacy's leading competitor Walgreens ranked 37th in the Fortune 500 rankings, twenty spots ahead of CVS Pharmacy. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs retail stores and online through CVS.com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.
Criticism and controversies
CVS Pharmacy has been criticized for their decision to stop selling tobacco products, with some health insurance companies, brand strategists, and public health officials pointing out that the decision was made to improve their image in the wake of a number of lawsuits and complaints regarding their business practices.
See also
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