Home / About CVS Caremark / Our Purpose

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

2014

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.

2012

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

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.

2008

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.

2007

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

 

Our retail roots

2009

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

2008

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.

2006

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

2004

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

2003

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.

2002

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. 

2001

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

2000

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

1999

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. 

1998

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

1997

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.

1996

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.

1994

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

1994

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

1990

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.

1988

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

1987

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

1986

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

1985

CVS reaches $1 billion in annual sales.

1984

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.

1981

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

1978

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

1977

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

1974

CVS achieves $100 million in annual sales.

1972

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

1970

CVS operates 100 stores in New England and the Northeast.

1969

CVS is sold to Melville Corporation.

1967

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

1964

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.

1963

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

2005

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

2004

CVS ProCare becomes part of PharmaCare. 

2003

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

2000

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

1999

Caremark launches online prescription refills.

1998

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

1997

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

1996

Caremark enters the multiple sclerosis marketplace.

1995

Caremark launches CarePatterns® Disease Management Programs. 

1994

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

1994

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

1993

Caremark sets up offices in Redlands, California.

1992

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

1991

Caremark purchases Prescription Health Services (PHS).

1985

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.

1983

Hemophilia Patient Home Health Care is launched.

1978

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

 

Innovations in retail medicine

2013

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.

2012

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

2009

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

2006

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

2006

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

2005

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

2002

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.

2000

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.