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Most Innovative Companies

CVS Health

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. Recently, CVS has expanded from retail health center to patient advocate. It has begun selling a less-expensive EpiPen alternative and stopped stocking sunscreens with an SPF below 15. Last April, the company an­nounced it would remove parabens, phthalates, and other “chemicals of concern” from nearly 600 store-brand personal-care items after cutting trans fats from its food products. “We think about the customer first,” says CVS Pharmacy president Helena Foulkes. “If you do so, partners want to work with you.” Updated stores have seen a 2.5% boost in overall sales and a 7% in­­crease in food purchases. And CVS will likely get even healthier once it completes its $69 billion acquisition of insurer Aetna.

Data
valuation: $128.44 billion
public or private: Public
staff: 225,000+
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
Competition: Walgreens
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