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Cvs caremark

The meaning of «cvs caremark»

CVS Caremark (formerly Caremark Rx) (stylized as CVScaremark, previously CVS/caremark) is the prescription benefit management subsidiary of CVS Health, headquartered in Woonsocket, Rhode Island.

Caremark International was founded as a unit of Baxter International and was spun off from Baxter in 1992 as a publicly traded company. On May 15, 1996, Caremark International announced it would be acquired by MedPartners with MedPartners ending up with Caremark's PPM division and prescription benefit management (PBM) division.

In October 1997, PhyCor, announced they would be acquiring MedPartners for $8 billion in stock and assumed debt. However, the merger agreement was terminated in January 1998. The companies cited significant operational and strategic differences as the reason for the termination of the merger.[1] MedPartners then announced that they would suffer a net loss of $841 million for the 4th quarter of 1997.[2] In January 1998, Chairman, President and CEO Larry House left the company and Richard Scrushy took over as chairman and acting CEO of the company.[3][4] On March 18, 1998, Edwin "Mac" Crawford became the new president and CEO of MedPartners.[5] After taking over, Mac Crawford announced that MedPartners was exiting its PPM business and refocusing on its PBM business.[5] In 2000, MedPartners changed its name to Caremark Rx.[6]

In 2003 it merged with AdvancePCS seen as a key move in ensuring the growth and profitability of the company. By retaining key leaders from the AdvancePCS organization, and adopting many of its key principles, Caremark Rx was able to bolster its position within the PBM industry.

In 2003, Caremark moved its headquarters from Birmingham, Alabama, to Nashville, Tennessee.[7]

In March 2007, Caremark merged with CVS Corporation to create CVS Caremark, later re-branded as CVS Health.[8]

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