CVS Caremark is a health care and retailer company in America. The company has more than seven thousand Longs Drug and CVS Pharmacy stores that provide pharmacy services. As of last year, the Fortune Global 500 list of the largest companies worldwide, ranked the company fortieth.
During its inception, CVS was called Melville Corporation and was situated in New York. CVS initially meant Consumer Value Stores. However now, the initials stand for “Convenience, Value and Service.” The history of Caremark dates back to 1979 when it was founded by James M. Sweeney and given the name Home Health Care of America (HHCA). The company started in Redwood, California. It then opened its first office in Beachwood, OH, where it had four employees. The office specialized in the supply of services to patients of Parental Therapy.
Other offices were opened in Atlanta, GA, Houston, TX, Philadelphia, PA, Chicago, IL, and Irvine, TX. In 1985, the name HHCA was changed to Caremark. In 1987, Caremark was purchased by Baxter International and it was spun off as a public subsidiary of Baxter International’s in 1992. In 1996, there was a merger between Caremark and Birmingham, Alabama-based MedPartners/Mullikin, Inc. The merger was then given the name MedPartners, Inc. The MedPartners brand name was changed to Caremark Rx in the year 1998. The company is actively involved with the community it serves. For instance, there is the company’s Charitable Trust whose major objective is providing funding for education, community service and health care initiatives.
Company headquarters: Woonsocket, Rhode Island, U.S.
Ownership: Public Company
Geography: United States
Annual Revenue: 123.133 B dollars
Number of Employees: 203,000
Demography: Value Shoppers, pharmacy shoppers
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