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CVS Health Corp is one of Americas largest multinational organizations, with subsidiaries in multiple countries around the world. The company has consistently appeared on the Fortune 500 list due to its annual sales and profits amounting to tens of billions. The company is a supplier of diversified health solutions serving millions of customers in its more than 9900 retail stores, and 1200 walk-in clinics (SEC, 2022). The companys goal is to increase access to healthcare, lower healthcare costs for its customers, and enhance its clients health outcomes by delivering quality services. In addition, CVS Health has a customer-centric business strategy, which the management believes is compatible with the companys stated goals of delivering better health outcomes for their customers and value for their stakeholders (SEC, 2022). As one of the most reputable companies in the healthcare industry, CVS Health Corp provides its customers with quality healthcare products and services.
CVS Health Corps history can be traced back to 1963 when the companys founders, Stanley and Sidney Goldstein, and Ralph Hoagland, set up the first retail shop dealing with beauty and health products. By 1964, the company had seventeen stores, and the first company logo was created (CVS Health, 2022). The company would open its first pharmacy department three years later, and in 1969, CVS Health was sold to Melville Corporation. By 1974, the company operated 100 stores in the United States, which doubled with the full acquisition of 84 stores belonging to Clinton Drug and Discount Store (CVS Health, 2022). By 1974, the companys annual sales hit $100 million for the first time(CVS Health, 2022). The company continued its aggressive acquisition policy throughout the 1970s, and by 1985, the company was making 1 billion dollars in annual sales (CVS Health, 2022). The number of stores had grown to more than 750, but this did not stop the company from acquiring stores across the United States in the 1990s. The restructuring of Melville Corporation saw CVS Health registered as a stand-alone company and its shares debuted on the New York Stock Exchange in 1996.
CVS Health continued its aggressive acquisition program into late 1990 when the company acquired stores in markets it sought to enter. One significant acquisition was in 1997 when it acquired 2500 stores from Revco allowing the company to gain a foothold in American Southeast and Midwest (CVS Health, 2022). CVS Health continued its strategy of growth by acquisition into the 2000s culminating in the combination of Caremark Rx and AdvancePCS which created a $23 billion behemoth (CVS Health, 2022). The company continued its phenomenal growth into the 2000s with revenues breaching the $100 billion mark in 2011(CVS Health, 2022). CVS Health would make other major acquisitions leading to the creation of the most dominant company in the healthcare industry in the United States. CVS Health has been instrumental in the administration of COVID-19 through more than 10,000 of its stores in the US adding up to more than 25 million inoculations administered.
CVS Health prides itself as a premier healthcare services company delivering care services as no other competitor can. Among the companys competitors include Wallgreens Boots Alliance, UnitedHealth Group, PharMerica, and others. CVS Health has been able to stay ahead of the competition by offering goods and services that respond to the key needs of its customers. In particular, the company is structured into four operational segments where three segments contribute the highest amounts to the companys profitability. These segments have sub-segments with multiple products targeted at specific customers inside the United States and in markets worldwide where the company operates. CVS has a customer-centric approach to business meaning that all its strategies and operations are geared toward the delivery of quality goods and services to its customers.
Health and safety are important aspects of the overall quality of the goods and services offered by CVS Health Corp. In this regard, the company has in recent years committed billions of dollars to health and safety initiatives. In particular, CVS Health strives to ensure that raw materials for its products are sourced from suppliers who are compliant with environmental laws. The company also ensures that the working environment is cordial and that all rules, laws, and regulations on personnel, their health, and safety are followed and consistently applied throughout the organization (CVS Health, 2022). By ensuring quality and safety regulations are comprehensively followed throughout the entire supply chain, CVS Health delivers quality and innovative products that ensure the companys dominance in the healthcare industry (CVS Health, 2022). CVS Health is also building an organizational culture based on safety where it has come up with slogans such as healthy people equals healthy business, equals healthy community, equals healthy planet. Thus, as a major player in the healthcare industry, quality and safety policies and procedures are highly regarded and comprehensively implemented throughout the company.
CVS Health is a major multinational company located and headquartered in the United States. The first ever store associated with CVS was opened in 1963 and throughout decades, the company has acquired multiple companies bringing the number of stores to more than nine thousand in 2022. With record profits and revenues from sales, CVS Health has consistently appeared on the Fortune 500 list. To provide customers with quality and safe products, the companys business strategy is customer-centric. Finally, CVS Health follows various rules, laws, and regulations to ensure a net zero supply chain. However, quality service concepts at CVS Health could be improved by strengthening compliance with health and safety laws, environmental regulations, and policies and procedures.
References
CVS Health. (2022). CVS Health Corp: Our History. CVS Health Corporation. Web.
CVS Health. (2022). Ensuring Quality and Safety in the Pharmacy. CVS Health Corporation. Web.
SEC. (2022). SEC 10-K Form CVS Health Corp. Security Exchange Commission. Web.
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