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WOONSOCKET, R.I. — The change in name to CVS Health from CVS Caremark signifies the ongoing transformation of the chain drug store into a neighborhood health care center, according to company officials.
The change in name to CVS Health from CVS Caremark signifies the ongoing transformation of the chain drug store into a neighborhood health care center, according to company officials.
"Consumers are increasingly taking control of their own health and, through our 26,000 pharmacists and nurse practitioners, we are helping people on their path to better health," says Larry Merlo, president and chief executive officer of CVS Health Inc.
The name change went into effect this month, as the company pulled tobacco products from the shelves of its retail pharmacies, a move that the company says will cost $2 billion a year in lost sales.
Officials say the CVS Health name further unifies the brand. Moving forward, the company’s retail business will be called CVS/pharmacy; its pharmacy benefit management business will be called CVS/caremark; its walk-in medical clinics will be known as CVS/minuteclinic; and the company’s growing specialty pharmacy services will be called CVS/specialty.
CVS Health is among several prominent retailers broadening their appeal to medical partners that can help them serve as intermediaries between customers and doctors.
CVS Health officials note that the company offers substantial resources to help consumers, businesses and communities manage their health in more effective ways. The company has 7,700 retail pharmacies, 900 walk-in medical clinics, a pharmacy benefits manager with nearly 65 million plan members as well as specialty pharmacy services.
