Better Health, Better Community, Better World

CVS Health

3. Good Health and Well-Being

Overview

CVS Health is a corporation and pharmacy that promotes good health and satisfies the needs and wants of consumers.

CVS Health provides an innovative healthcare model that is more attainable and cost-effective to the people. They also banned tobacco sales in September of 2014, because it conflicted with the brand's purpose and mission. Since the ban, smoking sales have drastically decreased by 95 million packs in states where it has more than a 15% market share. In order to further promote and mirror their promise to healthcare, they also rebranded their name from CVS Caremark to CVS Health.

Authors

Jesus Pedrosa

Jesus Pedrosa

Melissa Milo

Melissa Milo

School

St. John's University

St. John's University

Professor

Charles Wankel

Charles Wankel

Innovation

CVS Health is a health innovation company with a simple and clear purpose: helping people on their path to better health, transforming the healthcare experience and incorporating healthier solutions such as the cut on all tobacco sales, which has been one of their biggest priorities. Key people such as Eileen Boone (Senior Vice President of Corporate Social Responsibility), Troyen Brennan (CVS Chief Medical Officer and VP), and Larry Merlo (President and CEO) were part of this life-changing innovation. They held various positions such as overseeing the healthcare strategies, supporting the company by providing guidance, getting people on the right track and improved health.

CVS Health’s mission is to create a difference in regards to the health of the people. In September 2014, they became the first drugstore to ban the sales of tobacco, deciding that they wanted to “create an impact for the public and change customers lives.” They promoted different alternatives to stop addiction, such as Nicorette gum and Nicorette patches, to ensure that customers are always able to go the healthier route and make those healthy choices easily.

Being that CVS Health focuses on the sustainability of better health, they were able t achieve the UN SDG 13, Good Health and Well-Being.

Better Health, Better Community, Better World

Inspiration

Everything CVS does starts with their purpose: helping people on their path to better health. As more people need healthcare and primary care physicians are in need, convenient and affordable health care services are needed now more than ever. According to CVS President Larry Merlo, the landscape of healthcare is changing, and CVS Health wants to become top healthcare provider.

Overall impact

When interviewing Mr. Renan Barzallo, Manager at CVS, he shared with our group the impact he has noticed within his community. The increase in sales of nicotine solutions has allowed him to see the impact that cutting tobacco sales have had. Furthermore, he has been able to witness consumers come in and take advantage of all the health services offered by CVS. “Being able to witness people I’ve built relationships with getting the help they need is priceless.” CVS has realized the need to create healthier and more accessible solutions for everybody. The incorporation of MinuteClinic, HealthHUB, CVS Pharmacy Rx Savings Finder, and many other services offer consumers the affordability and accessibility they need, leading to healthier communities. Furthermore, CVS Health is the first national retail pharmacy chain to stop selling tobacco products in all stores which sent a huge message about making the world a better place. Through the capabilities and resources of CVS, they are building on their legacy of community investment. All in all, they are making community health and wellness a key component of their mission.

Business benefit

About five million Americans walk into a CVS Pharmacy for prescriptions, health services, and guidance every day, making them one of the top healthcare providers in 10,000 communities across the country. Their impact has been immense; the platform they have as the largest pharmacy chain in the United States has influenced other large corporations to be socially responsible to their communities. Furthermore, their huge platform has allowed them to be very profitable. CVS took a big loss in sales immediately after its cut on all tobacco products, amounting to $2 billion annually. However, its growing medical services businesses have compensated for this loss. Their Project Health campaign has connected multicultural communities with large numbers of uninsured or underinsured residents to no-cost comprehensive health assessments that detect early risks of chronic conditions. They have done an exceptional job of bringing communities together through good health and well-being. Project Health delivered more than $5.3 million in free health care services to more than 77,000 Americans in 2018. Furthermore, CVS has created a virtual care platform and MinuteClinic Virtual Care to offer patients access to quality and affordable care from their mobile or computer devices. The accessibility of their health care services have made their efforts much more impactful and has given them new avenues to make revenue. In 2019, it ranked 8th on the Fortune 500 and 19th on the Fortune Global 500 list with $194.58 billion in annual revenue.

Social and environmental benefit

CVS Health benefits both society and the environment in many different ways. Not only do they create a better health environment, they make their approach to health care reasonable, attainable, and very straightforward. By banning tobacco sales, they were able to cut down 95 million packs, decreasing the amount of toxic waste that is let into the air every day due to people smoking. Tobacco products contain harmful chemicals that harm our waterways, ground soil, and wildlife. So, to be able to decrease the number of smoking sales is remarkable and can help create better environmental conditions for the world.

The message CVS advertised is a huge social message, giving hope to thousands of people across the world.

Interview

Renan Barzallo, Manager

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CVS Health

CVS Health

US

Business Website: cvs.com

Year Founded: 56

Number of Employees: 10000+

CVS Health is a healthcare innovation company dedicated to helping people better their health. They are the largest pharmacy healthcare provider in the United States, offering high quality, affordable, and accessible healthcare.