Tech
Why CVS Thinks It Can Revolutionize Health Care
CVS is more than just a drugstore chain. Four years after adding “Health” to its name, CVS Health enters perhaps the most pivotal moment in its 55-year history as it takes on emerging competitors like Amazon and Apple.
CVS wants to be a health-care company. CVS closed on its $70 billion purchase of health insurer Aetna on Nov. 28 after Aetna sold off some assets to win antitrust approval from the Justice Department. Although it still needs court approval and could be pared back, the deal is considered so transformative that CEO Larry Merlo says it will change the way health care is delivered in the United States. It will also make CVS Health one of the nation’s largest health-care companies.
It’s a long way away from where the Woonsocket, Rhode Island-based company started.
Brothers Stanley and Sidney Goldstein, along with partner Ralph Hoagland, opened the first Consumer Value Stores in Lowell, Massachusetts, in 1963. That store sold health and beauty products — but not prescription drugs.
They bought their first pharmacies in 1967, the first of many acquisitions that would build CVS into what it is today. Over the decades, CVS has scooped up small independent pharmacies and regional chains, bringing it into competition with pharmacy chains like Walgreens and Rite Aid.
All of those deals established CVS as a national retailer. Its 2006 acquisition of a Minnesota chain of walk-in clinics, called MinuteClinic, showed CVS had other ambitions. One year later, in 2007, CVS bought pharmacy benefit manager Caremark for $26.5 billion.
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Why CVS Thinks It Can Revolutionize Healthcare
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00:58 Correction: The location tag should be Beijing, China.
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Chapters:
0:00 Introduction
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Producer and Reporter: Katie Tarasov
Edited by: Matt Soto, Andrew Evers
Camera: Eddie Temborski, Robert Lampe, Evan Reinhardt
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato, Emily Park
Additional Footage: Cerebras, D-Matrix, Getty Images, Intel, Nvidia, OpenAI, SpaceX, TSMC
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@GzoosChronicle
January 3, 2024 at 8:06 am
Stop Light Blue
White
@mojojeinxs9960
January 3, 2024 at 8:06 am
It is a for profit corporation anything they do is line their wallets.
@kingroji640
January 3, 2024 at 8:06 am
Pierre jeanrony
@kingroji640
January 3, 2024 at 8:06 am
Please aide me usa
@ronaldrios7782
January 3, 2024 at 8:06 am
Local cvs
@jevintan.gerine3613
January 3, 2024 at 8:06 am
1:18 K-mart goofy, they can't do anything right
@Gandalf47
January 3, 2024 at 8:06 am
If CVS cannot manage a local pharmacy or retail store better than they currently do, I am not going to recognize them, not place my trust in, their "health care company" model. They now own Aetna, an insurance company. I guess Aetna insureds HAVE to use CVS, or pay for "out of network" care. The Minute Clinic is a marketing tool to feed the pharmacy, which will have an exclusive arranement wtih Aetna, and due to its size, be in every major insurers network
@zicob2536
January 3, 2024 at 8:06 am
The for profit health care system in the US is a disgrace!
@alnicky5114
January 3, 2024 at 8:06 am
Save the Dancing Duckling opening theme song wonder pets 🎤
@alnicky5114
January 3, 2024 at 8:06 am
Save the Dancing Duckling ending theme song wonder pets 🎤
@johnberard330
January 3, 2024 at 8:06 am
Caremark sucks. Now they require prior authorization for a GENERIC drug. Doctors do not have time for this BS. Been waiting for weeks now to get my arthritis medication.
@bertlexington7716
January 3, 2024 at 8:06 am
I’m done shopping at CVS… hope they go out of business
@forgewest4238
January 3, 2024 at 8:06 am
In the middle of the pandemic, CVS Health quietly became the number one funder of anti-Medicare for All efforts.
They’ve dumped $5 million so far into the number one dark-money lobbying group fighting against Medicare for All.
CVS Health is now the largest health care corporation in the world. As of 2019 they also own Aetna, one of the largest health insurance companies in the US.
In April 2021, it was revealed in The Intercept that CVS had become the number one donor to the dark money front-group "Partnership of America’s Healthcare Future" with a $5 million donation last year. The Partnership spends millions against Medicare for All each year.
What's more, CVS Health is responsible for some of the most dangerous trends in health care that union nurses have been fighting for decades — because these trends jeopardize the safety of our patients, coworkers, and communities. Some characterize CVS Health as seeking to become ‘the Amazon of health care.’
@ashleypennamacoor9390
January 3, 2024 at 8:06 am
CVS Pharmacy
@Wpennamacoor
January 3, 2024 at 8:06 am
CVS Pharmacy Madison with A Cute Girl Stocks
@eugeneszsz
January 3, 2024 at 8:06 am
I always thought they should merge with Target, they are already inside hundreds of Target stores. CVS becomes the cash cow generating capital, while Target becomes the marketer of in house products and gives their outdated stores a needed remodel to be more health conscious and invite younger consumers. Also downsize or convert the other smaller CVS stores into mini targets or distribution online receiving hubs.
@emailwilliamgrobanmanageme6677
January 3, 2024 at 8:06 am
Just the same way I saw testimony of how Austin helped a man make -$50,000 weekly Profit I tried now am also sharing my testimony with over,$10,000 from the company thanks for the good did she has done for me for this short period of time
@talimbeingaverythriftyghor5967
January 3, 2024 at 8:06 am
still wishing that CVS pharmacy would been having some good main branches here in the Philippines which my aunt works there as a cashier but soon-to-be a pharmacist after her boss got promoted due to her diligence yet being a fast learner which she experienced good and bad ones…
@druglord425
January 3, 2024 at 8:06 am
Cvs what a bad idea!
@hotclubofthemountains3591
January 3, 2024 at 8:06 am
CVS Caremark is beyond fked up. They have terrible customer service and do not bother following up. I am appalled at the low level of service compared to the exorbitant rates for their insurance. DO NOT BUY THEIR INSURANCE!!!
@ericsanchez245
January 3, 2024 at 8:06 am
Gov that is so let me shop keep your attention off me everthing good
@ericsanchez245
January 3, 2024 at 8:06 am
Im going go shop and if i get busted im takeing all with me
@iyareyes8926
January 3, 2024 at 8:06 am
so this what it looks like in CVS stores that I assist on the phone. now I understand.
@abigailr3250
January 3, 2024 at 8:06 am
dang i don't think i've ever been to cvs because other pharmacies have been closer, but based on the comments, maybe that's a good thing
@dbfcrell8300
January 3, 2024 at 8:06 am
My family and I are absolutely done with CVS. Nevermind how many of their lawsuits have been "silenced" by their attorneys, when my sick wife went to get her monthly asthma prescriptions from our local CVS, they told her it was now a special order and the price had nearly doubled in one month. They did not offer any help or offer a generic and my wife ended up in the hospital the next day. I went and got the exact drug she needed at Walmart the day she was admitted and the Walmart Pharmacist was totally helpful and kind. This is not the first time CVS had screwed us either. They have NO expereience in Health Care and we will NEVER EVER use them as our health care provider.