Rhode Island’s CVS Caremark Corporation, which owns the drugstore chain CVS/pharmacy and the pharmacy benefit management unit CVS/Caremark has changed its name to CVS Health. The company said in a statement that the name better reflects “its broader health care commitment and its expertise in driving the innovations needed to shape the future of health.”
CVS and peers such as Walgreen Co. have increased their efforts to go beyond being the go-to resource for over-the-counter and prescription medications to become outlets for services including vaccinations, school physicals and, in some cases, diagnoses of minor ailments such as pink eye or sprains. CVS has also polished its “be-well” image by its decision to stop selling cigarettes. Forbes notes that the move will cost the company $2 billion, or 3% of sales.
Pharmacies and the PBM will keep their names.