...Name: CVS Health Corporation Description: CVS is the country’s number two drugstore chain and pharmacy benefits manager operating retail and specialty drugstores. In addition to its traditional retail locations, CVS also operates its Caremark Pharmacy Services and several stores inside Target locations. With the move away from traditional healthcare, CVS also supplies MinuteClinics in more than 900 retail stores.[1] CVS/Pharmacy, the name of the retail space where more than five million customers are served daily, offers pharmacy care from over 24,000 pharmacists as well as beauty, convenience, and healthcare products covering all areas.[2] Number of locations: 9,500+ (most current)[3] Target customer: The average age of CVS customer is 39. Based on CVS’s diverse beauty department, their target market largely consists of women. In fact, 80% of their customers are women.[4] Contact Person: Bettina Tonelli-Sippel, Category Manager, Healthcare Why: CVS has enjoyed considerable sales growth since 2010. In the last fiscal year, 2014, the company saw revenue rise by 10% to $139.4 billion, led by its Pharmacy Services and recent acquisitions. It’s retail sales grew by 3% as the company enters new markets, add locations in existing markets, and relocates existing stores to more convenient locations. In 2014, CVS Caremark formally changed its name to CVS Health, signaling a transition towards being more health-oriented. Paired with this change was the...
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...Walgreens: Strategic Evolution 1 America’s largest drugstore chain, Walgreens, had 8,210 locations by 2011, including 7,761 drugstores. Almost 75 percent of Americans lived within five miles of a Walgreens pharmacy, and more than 6 million customers were served each day. Walgreens issued more than 800 million prescriptions annually, representing 20 percent of the U.S. market. Its online business, Walgreens.com, had almost 17 million visitors per month. Walgreens’ strategy had evolved for more than a century in business. By 2012, the company faced a number of major strategic questions, including international expansion and a changing health care environment. History of Pharmacy2 People have been trying to create remedies for illnesses and ailments since the beginning of time, but most historians credit Babylon with the first organized apothecary. This was followed by the Romans, who created a system of pathology and therapy that became standards for Western medicine for more than 1,000 years. For the most part, though, pharmacy remained a sketchy and shadowy business for centuries, practiced by (among others) witch doctors and alchemists. Advances in medicine and the Renaissance era led to more structured and scientific approaches. In 1240, German Emperor Frederick II issued a proclamation establishing the practice of pharmacy along three tenets: (1) separation of the pharmaceutical profession from the medical profession; (2) official supervision (regulation) of pharmacy; and...
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...The Leader as a Strategist Report Organization: CVS Caremark Pharmacy CVS Caremark is a pharmacy innovation company that is reinventing pharmacy for better health. Company continuously developing new ways to improve access for patients, promote better health outcomes and control payor costs in a way that no pharmacy retailer or PBM could do separately. In 2007, CVS Corporation and Caremark Rx, Inc. merged; CVS Caremark became an integrated provider of prescriptions and related health services with an unmatched breadth of capabilities (www.cvscaremark.com). Today CVS Caremark is the market leader in the United States in multiple categories; such as in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. Purpose, vision, and values of CVS Caremark Pharmacy: Purpose: Helping people in their path to better health Strategy: Reinventing pharmacy Values: Innovation – Demonstrating openness, curiosity and creativity in the relentless pursuit of delivering excellence. Providing more relevant, caring, expert guidance, more cost-effective solutions and even more convenient access. Collaboration – Sharing and partnering with people to explore and create things. Caring – treating people with respect and compassion so they feel valued and appreciated. Accountability – Taking personal ownership for the actions and their results 1. An analysis of the strategic cascade of the organization...
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...company resource analysis in the drug store industry, I will select the CVS Caremark Corporation as my study company. Question 1: Whether the company's present strategy working? CVS pharmacy services business strategy centers on providing their customer and client high quality and innovative pharmaceutical solutions, while assisting their member managing overall health care costs by leveraging CVS expertise in core PBM services. (Form -10k) (1) Moreover, the retail pharmacy business strategy, base of the CVS pharmacy services model to maintain successful growth they focus on new store development by expanding the number of retail pharmacy stores and retail stores range in size in order to provide better service, help client lowers overall health care costs and improve health outcomes. (1) How these strategic working? Look into the financial performance in the Appendix 1, table 1. CVS compare well on these profitability ratios with industry averages. Most of ratios are better than the industry averages. Ventureline (2). Study the CVS’s financial report I found the company is “Solid and significant growth.” According to CVS Caremark Annual Report 2013 (3), the financial highlights show the company was significant growth during 2012 to 2013. For example, net revenues increased 3.0 percent to a record $127 billion, while adjusted earnings per share from continuing operations rose 23 percent to $4.00. CVS earned $4.4 billion in free cash flow in 2013, and returned more than...
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...Introduction Walgreen Co. and CVS/Caremark are two of the largest retail drugstore chains in the United States, offering consumers a variety of basic consumer goods including household products, convenience foods, personal care, beauty care, photofinishing, and seasonal items, as well as over-the-counter and prescription medication. In addition to their well-known retail pharmacies, both companies also operate a health services health and wellness division. Within the retail pharmacy industry CVS/Caremark and Walgreens continually battle for the retail position. This document will offer an overview and basic competitive analysis of the two companies. Background Location & Type of presence (brick and mortar, or internet) According to the CVS/Caremark 2011Annaul Report, page 23; as of December 31, 2011, the CVS/Caremark Retail Pharmacy segment operated 7,327 retail drugstores with 7,271of these retail stores operating a full service pharmacy. Their stores are located in 41 states and the District of Columbia and Puerto Rico. Additionally, within these retail stores operate 657 health care clinics conducting business under the Minute Clinic name. The retail pharmacy stores operate primarily under the CVS/pharmacy or Longs Drugs names. In addition, the Pharmacy Services segment operates under the names CVS Caremark Pharmacy Services, Caremark, CVS Caremark, Care Plus CVS/pharmacy, Care Plus, and Rx America to providing pharmacy benefit management services to employers, insurance...
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...Ethics RES/351 Business Research Business Research Ethics Lawsuits were filed against CVS Caremark pharmacies for disclosing patient information in the interest of financial gain. The first lawsuit was filed on March 7, 2011, for “unauthorized disclosure of protected health information constituted an unfair trade practice (Hunton & Williams LLP, 2011, p. 1 p. 1).” The second lawsuit charged CVS Caremark pharmacy with “racketeering under the federal RICO law, trade secret misappropriation and violations of the HIPAA privacy Act (Goedert, 2010, p. 14 p. 3).” The following information will explain what unethical research behavior was involved, who the injured parties were, how the unethical behavior affected CVS Caremark pharmacy, and how the unethical behavior could have been avoided or resolved. The results of the information will demonstrate that moral judgment is skewed when combining ethical decisions with financial gain. CVS Caremark extracts personal patient and pharmacy data to isolate patient demographic information, drug history, medical providers, health behavior, health plan benefits and the patient preference of communication without obtaining patient permission (Goedert, 2010). This data provides CVS Caremark marketing department the ability to contact patients and physicians in effort to change their prescription habits to financially benefit CVS Caremark’s bottom-line. CVS Caremark sent letters to the patient’s physicians to encourage them to prescribe particular...
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...DECISION MAKING AND ITS EFFECT ON BUSINESS PROFICIENCY GM591 LEADERSHIP AND ORGANIZATIONAL BEHAVIOR May 26th, 2012 TABLE OF CONTENTS Introduction------------------------------------------------------------------------------------------------------Page 3 Problem Statement----------------------------------------------------------------------------------------------Page 4 Literature Review------------------------------------------------------------------------------------------------Page 5 Analysis-----------------------------------------------------------------------------------------------------------Page 7 Suggestive Solutions--------------------------------------------------------------------------------------------Page 8 Conclusion & Reflection --------------------------------------------------------------------------------------Page 9 Work Cited------------------------------------------------------------------------------------------------------Page 10 INTRODUCTION Walgreens is one of the fortune 500 companies and among the fastest growing retailers in the country. Walgreens as of April 30 operated 8307 location in all 50 states including the District of Columbia, Puerto Rico and Guam. This includes 7855 drugstores, 146 more than a year ago, including 21 stores acquired over the last 12 months. The company also operates infusion and respiratory services facilities, specialty pharmacy and mail service...
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...Overview Founded in 1963 by Stanley Goldstein, Sid Goldstein, and Mark Steven in Lowell, Massachusetts, Consumer Value Store (CVS), has quickly grown to be the second largest pharmacy and convenience store with over 7,600 pharmacies and drugstores nationwide. Since the beginning, CVS has always strived to be the largest retail pharmacy-which led to the development of their growth strategy. Furthermore, CVS continually strives to “reinvent” the pharmacy and make healthy living a fundamental part of their customers’ lives. (Biesada, 2014) Initially, these strategies were influenced by the company’s mission statement and purpose. According to the CVS website, the company’s mission is to “provide expert care and innovative solutions in pharmacy and health care that are effective and easy for our customers” (CVS caremark corporation: History, 2014). Clearly, CVS is in business to provide expert care, although it would appear that not all of their individual pharmacists share the same feelings. Based on research conducted, it would appear that there is a general lack of customer service training as some pharmacists have allegedly been behaving rudely towards customers. Throughout the course of this initiative, we will be discussing the gaps that have been found and we will develop a training program that we hope will help alleviate these problems and allow CVS to fully realize their mission. Part II: Needs Assessment Pharmacy Prescription Practices As a result of organizational...
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...According to CVS.com, CVS is the 2nd largest pharmacy chain in the United States. “The CVS store provides all pharmacy services, popular beauty products, photo labs, and a wide selection of general merchandise. CVS pharmacists dispense medication, give vaccinations, and offer advice on prescription and non-prescription drugs and supplements. You can update your prescription, shop national sales ads, sign up for their ExtraCare card and receive coupons and rewards all from their website. CVS offers CVS Store Brands exclusively which are high quality alternatives to national brands with a 100% satisfaction guarantee”. The CVS pharmacy store locator will allow you to find the CVS closest to you so that you can receive your prescription with the...
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...CVS Caremark Organizational Analysis James P Miller Strayer University BUS 310 Professor Frevert Abstract CVS Caremark established 1963, has been expanding every year since their inception. With over 7,000 retail locations they face many human resources challenges. It essential for CVS to understand what HR challenges they face to make informed decisions; beneficial to the company stakeholders and employees. Hr decisions affect not only the employee’s but the company’s social opt squat. These resolutions include recruitment of highly skilled workers, company policies, labor relations, training and diversity, management of multiple locations, global business environments, employee compensation and benefits, and legal compliance. In addition, CVS human resources have to align optisquat with the mission and values of the company. CVS Caremark Organizational Analysis CVS Caremark is a pharmacy health care provider in the U.S. They provide pharmacy services, which includes mail order pharmacy services, specialty pharmacy services, plan design and administration, formulary management and claims processing; and Retail Pharmacy, which sells prescription drugs and a range of general merchandise, including over-the-counter drugs, beauty products and cosmetics, photo finishing, seasonal merchandise, greeting cards and convenience foods. As of Dec. 31, 2011, CVS has approximately 7,300 CVS/pharmacy retail stores. (CVS Care mark, 2011) CVS...
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...I. Introduction and Overview CVS Pharmacy is considered one of the top pharmacy nationwide chains in the country. There are more than 7,100 stores total, located in nearly every state. The stores retail medication, toiletries and sundry merchandise that is purchased by consumers such as snacks, beverages, skin care and personal care items, holiday merchandise and convenience goods. There is also an online site where products can be ordered and shipped directly to consumers. Some of the CVS pharmacies have medical services that operate out of the retail stores. A. Identify the Organization CVS recognizes the importance of establishing a culture that will have an affect on its people and their performance. The organizational development functional management at CVS realized that sharing a common vision would assist each individual in understanding what the company stands for, commit to the same vision, and then work toward supporting the mission each and every day. The vision at CVS is simple “to strive to improve the quality of human life” (CVScaremark.com, 2010). Taking a look at two of the organization’s functional goals in the Technology and Human Resource business areas, it is easy to see how CVS is an industry leader. The organizational structure or team at CVS involved in working on this issue from the HR area include the Senior Vice President of HR, Training Specialist, nd local HR managers. From organizational operations there is the technology manager, and procurement...
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...CVS Pharmacy Financial Reporting CVS Pharmacy is one of the largest pharmacy chain the in the United States. It is the second largest with more than 6,000 stores. This retail pharmacy sells a variety of items making it easy to meet customer needs. It carries a variety of products such as prescription drugs, over-the counter drugs, photo developing services, cosmetics, greeting cards, convenience foods, along with other items under the customers’ demands or needs. It also provides health services. CVS pharmacy provides more than 600-Minute Clinics for medical services and consultations. They also have a Diabetes Care Centers. These clinics are mostly located within CVS stores. In 2008 it was the largest for-Profit employer in Rhode Island. It was founded in 1963 under the name of Consumer Value Store. Stanly Goldstein and Ralph Hoagland also funded it as a discount health and beauty aid store. CVS/pharmacy is the retail division of CVS Caremark. CVS pharmacy reinvented the pharmacy to help peopled by assisting them to better health. To do so, they provided access and personalized experts for both the stores and the online services under CVS.com. CVS pharmacy has more than 26,000 pharmacists dispensing prescriptions and providing additional services. Pharmacists also provide flu vaccinations and face-to-face patient counseling. These services provided while helping to lower health care costs and improve health outcomes. CVS/pharmacy...
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...store was located in Massachusetts, and was called CVS for Consumer value stores. Since then it has become the second largest pharmacy chain with more than 7,600 stores all over United States. CVS is known for selling prescription drugs, general merchandise, seasonal merchandise, and convenience food all over the stores and online via CVS.com. The company also provides healthcare services located within CVS stores. CVS is known for having a broad variety of products and one of the leading drugstore chains. It is also known to be the largest employer of pharmacists and nurse practitioners. Stores are very customer friendly and are easy to approach and shop. The company has strong brand equity. The website also hold a large variety as well as providing tips for using a product. CVS is one of the few companies to be loyal and strong about CSR (corporate social responsibility). Though the revenue is growing, CVS still seem to have instability in the growth of the stores. The different locations have had many cases of armed robberies and there are no efforts into putting more security. There are few cases of government regulations and lawsuits that the company has faced as well. CVS has a lot of potential and has many opportunities to become bigger and better company. It could expand and improve their online retailing which could help stay strong. They could take the company worldwide and collaborate with global market. CVS could work on enhancing their health and beauty specialists’...
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...University November 16, 2014 CVS/PHARMACY SWOT ANALYSIS In 1963 the Consumer Value Store (CVS) was built for your health and beauty needs, in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. Through the next few years CVS started to grow and in 1967 pharmacies were being added to CVS’s in Warwick and Cumberland, Rhode Island (RI). After buying several small chain drug stores in the early 1970’s around the surrounding areas/states, CVS created small chain stores in shopping malls. In 1981, CVS broke ground on the Store Support Center in Woonsocket, RI. In 1988 CVS celebrated their 25th anniversary with a total of 750 stores. The 1990’s brought more stores in the new mid Atlantic, and Caremark set up in California. By the late 1990’s, CVS had stretched to 24 states totaling 4, 100 stores. 2001 was the year that CVS launched their ExtraCare Card Program, being the first national pharmacy retailer to launch a loyalty program. In 2005, CVS partnered up with MinuteClinic, and opened up three in their CVS/Pharmacy stores. The next year in 2006, MinuteClinic became the first retail clinic to be accredited by the Joint Commission. In 2008, CVS officially branched to California and Hawaii, by buying Long’s drugstores. In 2014, CVS announced they were deciding to stop the sale of tobacco, which was announced officially on September 3, 2014. With the end of tobacco sales, CVS’s mission statement makes more sense. CVS states they are a pharmacy innovation...
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...CVS CAREMARK November 25, 2013 Belinda Merritt Michael Curtis Introduction CVS was founded in 1963 by Stanley and Sidney Goldstein and Ralph Hoagland. The first CVS store was opened in Lowell, MA. CVS stands for Consumer Value Stores. CVS Caremark is headquartered in Woonsocket, RI and the pharmacy services are currently headquartered in Nashville, TN. Within one year, the CV chain grew from one store to seventeen stores. By 1967, CVS opened its first pharmacy location. These locations were opened in Warwick and Cumberland, Rhode Island. CVS pharmacy provides services through the 7,000 retail stores within the United States. CVS has also expanded its business to include pharmacy benefit management, mail order as well as specialty pharmacy division, Caremark Pharmacy Services, a health clinic that is retail based, the Minute Clinic and an online pharmacy. CVS is the largest company that has its operation solely in the United States. In 2013 CVS Caremark was number thirteen on the Fortune 500 list of largest companies in the United States. Internal and External Factors that influenced the organization As with many organizations, there are several external and internal factors that affect the business. An internal factor can be defined as the internal communications of the business. The internal communications of the business forms the culture of the business. The culture of the organization includes the interpersonal relationships, training materials, newsletters...
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