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CVS Pharmacy - Wikipedia, the Free Encyclopedia CVS Pharmacy from Wikipedia, the Free Encyclopedia 4/2/2016 CVS Pharmacy - Wikipedia, the free encyclopedia CVS Pharmacy From Wikipedia, the free encyclopedia CVS Pharmacy (styled as CVS/pharmacy or simply CVS) is an American pharmacy retailer and currently CVS Pharmacy stands as the second largest pharmacy chain, after Walgreens, in the United States,[1] with more than 7,600 stores,[2] and is the second largest US pharmacy based on total prescription revenue.[3] As the retail pharmacy division of CVS Health, it ranks as the 12th largest company in the world according to Fortune 500 in 2014.[4] CVS Pharmacy's leading competitor Walgreens ranked 37th. CVS sells prescription drugs and a wide assortment of A newer CVS Pharmacy storefront in St. Louis, general merchandise, including over-the-counter drugs, Missouri beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and Formerly Consumer Value Stores (1963- convenience foods through their CVS Pharmacy and called 1996) Longs Drugs retail stores and online through CVS.com. It Type Subsidiary also provides healthcare services through its more than Industry Retail 1,000 MinuteClinic medical clinics [5] as well as their Founded May 8, 1963 Diabetes Care Centers. Most of these clinics are located Lowell, Massachusetts, U.S. within CVS stores. Founders Stanley Goldstein CVS is incorporated in Delaware, and is based in Sidney Goldstein Ralph Hoagland Woonsocket, Rhode Island.[6] As of 2008, CVS Caremark Headquarters 1 CVS Drive, Woonsocket, Rhode was the largest for-profit employer in Rhode Island.[6] It Island, United States was founded on Merrimack Street in Lowell, Massachusetts, in 1963, under the name Consumer Value Number of 7,600 stores (2014 estimate) locations Store.[7] It was founded by Sid Goldstein, Stanley Area served Nationwide Goldstein, and Ralph Hoagland, as a discount health and beauty aid store. The first customers were required to bag Key people David W. Dorman (Chairman) their own purchases.[8] Larry J. Merlo (CEO) Revenue US$55.663 billion (2009) Operating US$2.019 billion (2009) Contents income Net income US$1.660 billion (2009) 1 Overview 2 Acquisitions and growth Owner Melville Corporation (1922–96) 2.1 1960s CVS Health (1996–present) 2.2 1970s Number of 80,000 (2005) 2.3 1980s employees 2.4 1990s cvs.com (http://cvs.com) https://en.wikipedia.or2g/.w5iki/2C0VS0_0Phsarmacy 1/13 4/2/2016 CVS Pharmacy - Wikipedia, the free encyclopedia 2.5 2000s Website 2.6 2010s 2.7 Online 3 Environmental record 4 Controversies 4.1 $2.25 million HIPAA Privacy Case 4.2 Executives accused of bribing state senator 4.3 Prescription errors 4.4 Texas lawsuit over illegally dumping patient information 4.5 Cigarette sales 4.6 Deceptive business practices 4.7 Methamphetamine lawsuit 4.8 DEA investigation into oxycodone diversion 4.9 Homeless man strangled for shoplifting 4.10 Racist receipt 4.11 CVS Rewards Program 4.12 Homeopathy 4.13 Apple Pay 4.14 Security 5 References 6 External links Overview CVS Pharmacy used to be a subsidiary of Melville Corporation, where its full name was initially Consumer Value Stores. Melville later changed its name to CVS Corporation in 1996[8][9] after Melville sold off many of its non-pharmacy stores.[10] The last of its non-drugstore operations were sold in 1997.[8] CEO Tom Ryan has said he now considers "CVS" to stand for "Convenience, Value, and Service."[11] A CVS Pharmacy on Canal Street in New During the company's days as a regional chain in the Northeast, Orleans many CVS stores did not include pharmacies. Today the company seldom builds new stores without pharmacies and outside of New England is gradually phasing out any such shops. Any new non-pharmacy store is usually built in a more urban setting where another CVS with a pharmacy exists within walking distance such as downtown Boston or Providence. These stores usually lack a pharmacy and a photo center but carry most of the general merchandise items that a normal CVS Pharmacy carries such as health and beauty items, sundries, and food items. https://en.wikipedia.org/wiki/CVS_Pharmacy 2/13 4/2/2016 CVS Pharmacy - Wikipedia, the free encyclopedia Acquisitions and growth 1960s The CVS name was used for the first time in 1964. That year, they had 17 retail locations, and 40 stores only five years later.[12] In 1967, CVS began operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island. CVS was acquired by the now-defunct Melville Corporation in 1969, boosting its growth. A CVS Pharmacy (Store #6240) in 1970s Southside Place, Texas (Greater Houston) that was formerly an Eckerd. In 1972, CVS acquired 84 Clinton Drug and Discount stores, which introduced CVS to Indiana and the Midwest. By 1974, CVS had 232 stores and sales of $100 million. In 1977, CVS acquired the 36-store New Jersey-based Mack Drug chain.[12] By 1970, CVS operated 100 stores in New England and the Northeast. 1980s The chain had more than 400 stores by 1981. Sales reached $1 billion in 1985, partly due to the pharmacies being added to A CVS Pharmacy, in Durham, North Carolina. many of CVS's older stores.[12] In 1980, CVS became the 15th largest pharmacy chain in the U.S., with 408 stores and $414 million in sales. In 1988, CVS celebrated its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion. 1990s In 1990, CVS acquired the 490-store Peoples Drug chain from Imsco, which established the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland, and Virginia. In 1994, CVS started PharmaCare Management Services. The parent company decided to focus on CVS in 1995, selling off Marshalls and This End Up. The following year, they let go of Footaction/Footstar, Meldisco, Linens 'n' Things, and Kay-Bee Toys, and the company changed its name from Melville Corporation to CVS Corporation. In 1997, Bob's Stores were also sold, and CVS nearly tripled its 1,400 stores after purchasing the 2,500-store Revco chain. CVS bought 200 Arbor Drugs locations in 1998, opened approximately 180 new stores, closed about 160 stores, and relocated nearly 200 existing stores from strip malls to freestanding locations. In 1999, CVS acquired Soma.com, the first online pharmacy, and renamed it CVS.com. The same year, CVS launched their CVS ProCare Pharmacy for complex drug therapies.[12] https://en.wikipedia.org/wiki/CVS_Pharmacy 3/13 4/2/2016 CVS Pharmacy - Wikipedia, the free encyclopedia In 1990, CVS bought the 23-store Rix Dunnington chain. In 1993, CVS withdrew from the southern California market. Formerly traded as MVL on the New York Stock Exchange, the company now trades as CVS. 2000s CVS bought Stadtlander Pharmacy of Pittsburgh from Bergen Brunswig/AmerisourceBergen in 2000.[12][13] As of December 2009, CVS Caremark had over 7,000 locations.[14] In 2004, CVS purchased 1,268 Eckerd drug stores and Eckerd Health Services, a PBM/mail-order pharmacy business, from J. C. Penney.[15] Most of the former Eckerd stores, which were converted to CVS stores by June, are located in Florida, Texas, and other southern states. Because J. C. Penney credit cards were accepted at Eckerd locations, CVS continues to accept them as well. On January 23, 2006, CVS announced that it had agreed to acquire the freestanding drug store operations of supermarket chain Albertsons.[16] The deal included the acquisition of 700 drug stores trading under the Osco Drug and Sav-On Drugs banners, mostly in the midwestern and southwestern United States (with a concentration of stores in southern California and the Chicago area), and was formally completed on June 2, 2006.[17] Transition of Sav-On and Osco stores to the CVS brand was completed by December 2006. CVS now dominates the southern California market. Also included were Albertsons Health'n'Home (now CVS Home Health) durable medical equipment stores. Approximately 28 CVS Home Health locations are present in Arizona, California, and the Kansas City area, representing CVS's first venture into the specialized DME market. CVS had previously operated stores in southern California, but completely withdrew from the market in 1993. CVS sold virtually all of the locations to Sav-On's then owner American Stores, who operated them under the name American Drug Stores. Many of the stores CVS gained in January 2006 had been the stores it owned prior to 1993. Before their re-acquisition, these stores were operated under the name Sav-On Express (the Express name was used to help customers identify these stores that did not carry all the lines of merchandise as compared to the larger, traditional Sav-On Drugs locations). CVS now operates over 6,200 stores in 43 states and the District of Columbia.[18] In some locations CVS now has two stores less than two blocks apart. On July 13, 2006, CVS announced that it had entered into a definitive agreement to acquire Minneapolis-based MinuteClinic, the pioneer and largest provider of retail-based health clinics in the U.S. MinuteClinic operates as a wholly owned subsidiary of CVS Corporation. MinuteClinic health care centers are staffed by board- certified nurse practitioners and physician assistants who are trained to diagnose and treat common family illnesses such as throat, ear, eye, sinus, bladder, and bronchial infections, and provide Alternative logo of CVS Pharmacy prescriptions when clinically appropriate. MinuteClinic also offers common vaccinations, such as flu shots, tetanus, and Hepatitis A & B. The clinics are supported by physicians who collaborate with the staff. There are over 550 locations across the United States, most of which are within CVS Pharmacy locations.
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