CVS Health, a Fortune Global 500 company, was founded in 1963 as a well-known chain of pharmacies in the United States, and a large-scale pharmaceutical retailer integrating prescription drugs, OTC drugs, beauty care products, film and imaging services, and seasonal goods
CVS is the largest pharmaceutical retailer in the United States, operating more than 5,400 retail pharmacies and specialty drug stores in 36 U.S. states and the District of Columbia. It has been growing rapidly in the retail pharmaceutical industry for more than 40 years and has always been committed to becoming a pharmaceutical retailer that provides maximum convenience to customers. To meet the health needs of all customers, the company has established a number of innovative operational approaches within its CVS pharmacy system, including its online pharmacy CVS.com, its pharmacy revenue management approach and its dedicated pharmaceutical arm, PharmaCare. Somerset's 354,000-square-foot fulfillment center serves more than 500 pharmacies in five U.S. states once a week.
CVS's history
The collapse of the Wall Street stock market in 1929 heralded the arrival of the Great Depression in the thirties of the twentieth century, but the American pharmaceutical industry chain showed non-standard development, drug advertisements were flying all over the sky, and a product could be sold 2,000 times higher than the cost price, and the entire pharmaceutical industry was extremely chaotic. In 1933, about 13 million people in the United States were unemployed, and the characteristics of medicine with huge profits made people flock to it, and at the same time, it also opened a wave of development of pharmaceutical retail formats. It was in 1933 that the National Association of Retail Chain Drugstores (NACDS) was founded in New York by six major chain stores at the time. At this time, it was exactly 30 years since the creation of CVS. In the 30-year development of pharmaceutical industry in the United States, the R&D and production of prescription drugs and the drug retail industry have been regulated, but the chain format has also shown fierce competition.
1963: CVS's first convenience store opened, and a great pharmacy chain began its grand business with the collaboration of three great historical figures, brothers Stanley and Sidney, and their partner Ralph. The convenience store was originally located in Lowell, Massachusetts, USA, and was mainly engaged in health and beauty care products.
1964: The CVS chain reached 17 stores. The CVS logo was changed, and a shield-shaped CVS logo appeared next to the font of "Customer Value Store", and the new logo appeared on the store sign for the first time.
1990: The 90s of the 20th century was an era of rapid development of CVS. In 1990, CVS strategically acquired People's Pharmacy, a 500-store store, and in one fell swoop, CVS conquered new markets in the Mid-Atlantic, including Washington, Pennsylvania, Maryland, and Virginia. CVS officially became a nationwide chain of pharmacies.
1996: With the restructuring of Melville, the CVS pharmacy chain becomes an independent company and enters the New York Stock Exchange.
1997: CVS completed the largest acquisition in the history of the U.S. pharmaceutical retail industry, with only 1,400 stores at the time, but surprisingly acquired the Revco pharmacy chain with 2,500 stores. This strategic acquisition makes CVS the most important pharmacy in the Midwest, Southeast, and other parts of the United States. CVS Pharmacy Chain Procare is established in the CVS system as a special pharmacy branch.
2004: On August 1, 2004, the American pharmacy chain giant CVS spent $2.15 billion to acquire Eckerd's 1,260 stores, mail-order business and three distribution centers in Florida and Texas, with more than 5,000 stores, continuing to lead its biggest competitor WALGREENS's 4,595 stores. This made it a significant piece in the company's strategic chessboard, as CVS entered the California market, which was controlled by Longs Drugs, Rite Aid, and Walgreen.
2005: The CVS pharmacy chain becomes the largest pharmacy chain in the U.S. with 5,400 stores in 37 states and Washington City.
2006: CVS announced it would acquire 700 Sav-on and Osco pharmacies from Albertsons; More than half of the pharmacies are located in key Southern California markets.
