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Company History

Tracing back our history through our retail, pharmacy benefit management and retail clinic roots, today CVS Caremark is a pharmacy innovation company that is reinventing pharmacy. Our businesses may have had different beginnings, but we are now bound by the common purpose of helping people on their path to better health.

CVS Caremark


On February 5, 2014, CVS Caremark announced that it would stop selling cigarettes and tobacco products in all of its CVS/pharmacy stores by October 1, 2014.


CVS Caremark announces that it exceeded $100 billion in revenues in 2011.


In March, Larry Merlo succeeds Tom Ryan as President and CEO of CVS Caremark. Merlo joined CVS/pharmacy in 1990 through the acquisition of People's Drug.


CVS Caremark marks the first anniversary of its successful, transformational merger as the largest integrated provider of prescriptions and health-related services in the nation.


CVS Corporation and Caremark Rx, Inc. complete their transformative merger, creating CVS Caremark, the nation's premier integrated pharmacy services provider.


Our retail roots


The company celebrates the opening of its 7,000th CVS/pharmacy, located in Little Canada, Minn.


CVS Caremark acquires 541 stores from Longs Drug in California, Hawaii, Nevada and Arizona, giving CVS/pharmacy immediate market leadership in Northern and Central CA.


CVS acquires 700 stand-alone Sav-On and Osco drugstores from Albertsons, growing its presence in southern California and key Midwest markets.


CVS completes its acquisition of 1,268 Eckerd Stores and Eckerd Health Services, Eckerd’s mail order and pharmacy benefit management business.


CVS celebrates its 40th anniversary, and announces its planned entry into the Minneapolis/St. Paul, Minn. market. The company’s Extra Care loyalty card program ends the year with more than 44 million cardholders.


CVS/pharmacy continues to grow, announcing its plans to enter the Texas market with stores targeted for high-population-growth markets such as Dallas and Houston. Also in the plans — the company’s first locations in Phoenix and Las Vegas. 


CVS/pharmacy introduces the ExtraCare Card, becoming the first national pharmacy retailer to launch a loyalty card program.


CVS/pharmacy announces plans to enter the Chicago market and continue expansion in Florida with stores slated for Fort Lauderdale and Orlando. 


Tom Ryan is named chairman of CVS Corporation, succeeding company co-founder Stanley Goldstein. The company announces its intention to enter Florida, with stores initially planned for the Tampa market. CVS/pharmacy launches CVS.com, the first fully integrated online pharmacy in the U.S. 


CVS acquires 200 stores from Arbor Drugs of Michigan to bring its store total to 4,100 across 24 states. 


CVS completes its acquisition of more than 2,500 stores from Revco — the largest acquisition in the history of the U.S. retail pharmacy industry. The acquisition of Revco gives CVS key drugstore locations primarily in the Midwest and Southeast.


Following the restructuring of Melville Corporation, CVS Corporation becomes a standalone company trading on the New York Stock Exchange under the CVS ticker. Stanley Goldstein is the company's first chairman.


Tom Ryan is named President and CEO of CVS/pharmacy. Ryan began his career with CVS/pharmacy in 1974 as a pharmacy intern.


CVS launches PharmaCare, a pharmacy benefit management company providing a wide range of services to employers and insurers.


CVS acquires 500 stores from People’s Drug, which establishes the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland and Virginia.


CVS/pharmacy celebrates its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion. 


Stanley Goldstein takes over as chairman and CEO of Melville Corporation. 


CVS co-founder Stanley Goldstein is named president and COO of Melville Corporation.


CVS reaches $1 billion in annual sales.


Senior Vice President of Marketing Harvey Rosenthal is named President and CEO of CVS. He succeeds Stan Goldstein, who is named Executive Vice President of Melville Corporation.


CVS breaks ground on the Store Support Center in Woonsocket, RI.


CVS/pharmacy finds success and differentiates itself from the competition by opening small health and beauty aids stores in enclosed shopping malls.


CVS acquires the 36-store New Jersey-based Mack Drug chain.


CVS achieves $100 million in annual sales.


CVS nearly doubles in size with its acquisition of 84 Clinton Drug and Discount Stores. 


CVS operates 100 stores in New England and the Northeast.


CVS is sold to Melville Corporation.


CVS begins operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island.


The chain grows to 17 stores. The original CVS logo is developed (CVS banner inside a shield, with the words “Consumer Value Stores” below) and displayed on store exteriors for the first time.


The first CVS store, selling health and beauty products, is founded in Lowell, Mass. by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. CVS stands for Consumer Value Stores.


The path of the pharmacy benefit management business


Caremark Rx, Inc. opens a Customer Care Center in Nashville to serve rapid growth in the use of its mail service offerings.


CVS ProCare becomes part of PharmaCare. 


Caremark Rx and AdvancePCS announce strategic combination creating a $23 billion company.


CVS Corporation acquires Stadtlander pharmacy, making CVS ProCare the largest specialty pharmacy in the U.S. at the time.


Caremark launches online prescription refills.


Caremark defines pharmaceutical services as its core operating unit and establishes a National Pharmacy and Therapeutics Committee.


Caremark merges the prescription benefit management business and the biotech business.


Caremark enters the multiple sclerosis marketplace.


Caremark launches CarePatterns® Disease Management Programs. 


CVS launches PharmaCare, a pharmacy benefit management company providing a wide range of services to employers and insurers.


Caremark expands product lines and sets up additional offices in Northbrook, Illinois.


Caremark sets up offices in Redlands, California.


Caremark spins off from Baxter. The Caremark Formulary is developed and Clinical Intervention Programs are introduced.


Caremark purchases Prescription Health Services (PHS).


Baxter taps its expertise in health care cost management to begin providing prescription benefit management services. As a division of Baxter, Caremark launches Mail Service Pharmacy, IGIV Home Care Services, and Growth Hormone Distribution and Services.


Hemophilia Patient Home Health Care is launched.


Baxter Health care Corporation launches the First National Hemophilia Home Service.


Innovations in retail medicine


MinuteClinic reaches the new milestone of 18 million patient visits and 800 clinics in 27 states by year end, well on the way to the goal of 1,500 clinics in 35 states by 2017.


MinuteClinic continues exponential growth, expanding to more than 600 clinics in 25 states and 14 million patient visits.


MinuteClinic begins a series of affiliations with major health systems across the U.S. to enhance access to high-quality, affordable health care services.


MinuteClinic becomes the first retail clinic to be accredited by The Joint Commission.


CVS Corporation acquires MinuteClinic, America’s leading operator of in-store health clinics.


CVS/pharmacy partners with MinuteClinic, announcing three clinics to open in CVS/pharmacy stores.


The demand for walk-in convenience led to quick growth, with several large employers asking their health plans to include QuickMedx in their networks. QuickMedx is renamed MinuteClinic in December 2002.


Rick Krieger and partners Douglas Smith, M.D., Steve Pontius and Kevin Smith, RN, FNP founded QuickMedx, the retail health care centers that became MinuteClinic.