The World's Most Innovative Companies 2018
CVS Health is an American pharmacy and healthcare company with nearly 10,000 stores in its network. Formerly CVS Caremark Corporation, the company was rebranded as CVS Health in 2014, and its health-focused business includes pharmacy services, retail, in-store health clinics, and its own Digital Innovation Lab aimed at creating smart devices and apps to improve healthcare. At a time when competitors like Walgreens are closing stores, CVS is looking to grow its customer base with extra services that explode traditional expectations. At its health clinic subsidiary, MinuteClinic, patients can get everything from flu shots to cholesterol screenings to a urinary tract infection diagnosis. The first tools from its Digital Innovation Lab in Boston began rolling out in 2015, including an Apple Watch-compatible mobile app, and a new feature that lets users scan paper prescriptions and insurance cards to fill medications remotely and set reminders to pop pills. The chain also added healthier food choices, including fresh fruit and organic brands, in its aisles. The company banned tobacco products from its stores in late 2014 and even introduced its own smoking cessation program. CVS has rolled out full-service hearing and optical services and, in a bid to further its patient education program, partnered with IBM to use Watson's artificial intelligence system to predict which customers need interventions to avoid health crises.
By 2020, CVS expects all its marketing and promo materials to be fully transparent. The retail giant announced it would no longer alter any beauty imagery for its stores, sites, or even social media. Instead, the company intends to truthfully demonstrate model’s shapes, sizes, skin, eye color, and wrinkles to better reflect realistic depictions of both women and men.
The drugstore chain introduced CVS Beauty Mark, a watermark that will appear on all imagery that has not been materially altered. The company is also working with all of its partners to ensure any imagery that has been altered displays a label marked “digitally modified.”
valuation: $128.44 billion
public or private: Public
users: 5 million customers a day<br>7,900+ CVS/pharmacy stores<br>1,100+ MinuteClinic locations<br>27M+ MinuteClinic patient visits
headquarters: Woonsocket, RI