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PharmaCare Management Services Inc company history timeline

1994

In 1994 Thomas M. Ryan, a pharmacist, was named CEO of CVS, which now had more than 1,350 locations.

1994: CVS enters the pharmacy benefits management field with the creation of PharmaCare Management Services.

1995

1995 — Caremark launches CarePatterns® disease management programs.

1997

1997 — CVS completes its acquisition of more than 2,500 stores from Revco, the largest acquisition in the history of the United States retail pharmacy industry.

1998

In early 1998 Ryan was named president and CEO of CVS, with Goldstein remaining chairman.

In 1998, for example, the company announced plans to open as many as 200 stores in New York City over a three-year period.

1999

An end of another era occurred in April 1999 when Goldstein retired as chairman of CVS, 36 years after cofounding the first Consumer Value Store.

The market for specialty pharmaceuticals, estimated at about $16 billion in 1999, was a particularly fast-growing segment of the drug industry, but it was highly fragmented, consisting mostly of mom-and-pop operations.

2000

2000 — Rick Krieger and partners Douglas Smith, M.D., Steve Pontius and Kevin Smith, RN, FNP found QuickMedx, the retail health care centers that became MinuteClinic.

2002

QuickMedx is renamed MinuteClinic in December 2002.

2002 — CVS/pharmacy continues to grow, announcing plans to enter Texas with stores targeted for high-population-growth markets such as Dallas and Houston.

2003

2003 — Caremark Rx and AdvancePCS announce strategic combination, creating a $23 billion company.

2005

2005 — CVS/pharmacy partners with MinuteClinic, announcing three clinics to open in CVS/pharmacy stores.

2007

2007 — CVS Corporation and Caremark Rx, Inc. complete their transformative merger, creating CVS Caremark, the nation’s premier integrated pharmacy services provider.

2009

2009 — MinuteClinic begins a series of affiliations with major health systems across the United States to enhance access to high-quality, affordable health care services.

2014

2014 —CVS Caremark purchases Coram, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc.

2016

2016 — CVS Health announces Be The First, a five-year, $50 million initiative to help deliver the nation’s first tobacco-free generation.

2018

2018 — CVS Health fights back on high cost drugs by launching industry’s most comprehensive approach to saving patients money.

2020

2020 — CVS Health commits the full strength of the enterprise to focus on addressing the critical and urgent health care needs stemming from the COVID-19 pandemic.

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Founded
1994
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Headquarters
Lincoln, RI
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