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CVS Caremark (formerly Caremark Rx) (stylized as , previously CVS/caremark) is the prescription benefit management subsidiary of
CVS Health CVS Health Corporation (previously CVS Corporation and CVS Caremark Corporation) is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance pro ...
, headquartered in
Woonsocket Woonsocket ( ), is a city in Providence County, Rhode Island, United States. The population was 43,240 at the 2020 census, making it the sixth largest city in the state. Being Rhode Island's northernmost city, Woonsocket lies directly south of ...
,
Rhode Island Rhode Island (, like ''road'') is a U.S. state, state in the New England region of the Northeastern United States. It is the List of U.S. states by area, smallest U.S. state by area and the List of states and territories of the United States ...
.


Company history

Caremark was founded as a physician and pharmacy benefits management company in 1993. It was founded in
Birmingham Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the We ...
,
Alabama (We dare defend our rights) , anthem = " Alabama" , image_map = Alabama in United States.svg , seat = Montgomery , LargestCity = Huntsville , LargestCounty = Baldwin County , LargestMetro = Greater Birmingham , area_total_km2 = 135,7 ...
as MedPartners, Inc. by former HealthSouth Corporation chief executive Richard Scrushy.
New Enterprise Associates New Enterprise Associates (NEA) is an American-based venture capital firm. NEA focuses investment stages ranging from seed stage through growth stage across an array of industry sectors. With ~$25 billion in committed capital, NEA is one of the w ...
was an initial investor in the company. MedPartners went public in February of 1995. In August 1995, MedPartners announced the acquisition of Mullikin Medical Enterprises, a physician management company. In December 1995, MedPartners acquired Pacific Physicians Services in Redlands,
California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
. On May 15, 1996, Caremark International, a provider of manager health services, announced it would be acquired by MedPartners. Caremark International was founded as a unit of
Baxter International Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois. The company primarily focuses on products to treat kidney disease, and other chronic and acute medical conditions. The company ...
and was spun off from Baxter in 1992 as a publicly traded company. In October 1997, PhyCor, announced they would acquire MedPartners for $8 billion in stock and assumed debt. However, the merger agreement was terminated in January 1998, with the companies citing significant operational and strategic differences as the reason for the termination of the merger. 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. In 1998, Edwin "Mac" Crawford became the new president and CEO of MedPartners. After taking over, Crawford announced that MedPartners was exiting its PPM business and refocusing on its PBM business.


2000 to Present

In 2000, MedPartners changed its name to Caremark Rx. In 2003, it merged with
AdvancePCS AdvancePCS Inc. (Pharmaceutical Card System) was a large prescription benefit plan administrator from the United States, also known as a PBM (Pharmacy Benefit Manager). The company was partially purchased by McKesson McKesson Corporation is an ...
. That same year, Caremark moved its headquarters from
Birmingham Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the We ...
,
Alabama (We dare defend our rights) , anthem = " Alabama" , image_map = Alabama in United States.svg , seat = Montgomery , LargestCity = Huntsville , LargestCounty = Baldwin County , LargestMetro = Greater Birmingham , area_total_km2 = 135,7 ...
, to
Nashville Nashville is the capital city of the U.S. state of Tennessee and the seat of Davidson County. With a population of 689,447 at the 2020 U.S. census, Nashville is the most populous city in the state, 21st most-populous city in the U.S., and th ...
,
Tennessee Tennessee ( , ), officially the State of Tennessee, is a landlocked U.S. state, state in the Southeastern United States, Southeastern region of the United States. Tennessee is the List of U.S. states and territories by area, 36th-largest by ...
. In March 2007, Caremark merged with
CVS Corporation CVS Health Corporation (previously CVS Corporation and CVS Caremark Corporation) is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provi ...
to create CVS Caremark. In August 2008, CVS Caremark purchased Longs Drugs Stores for $2.7 billion. In 2009, CVS Caremark agreed to pay $2.25 million to settle alleged unfair trade practices and alleged violations of the privacy protections under the
Health Insurance Portability and Accountability Act of 1996 The Health Insurance Portability and Accountability Act of 1996 (HIPAA or the Kennedy– Kassebaum Act) is a United States Act of Congress enacted by the 104th United States Congress and signed into law by President Bill Clinton on August 21, 1 ...
. Also in 2009, CVS Caremark agreed to repay $2.8 million to consumers who purchased AirShield tablets and powders, which were marketed as being able to prevent illness, after it was alleged that the marketing for the product made misleading claims. In 2013, CVS Caremark announced the acquisition of Coram LLC, a drug infusion business, for $2.1 billion. In 2014, the corporate name for CVS Caremark became CVS Health, with CVS Caremark becoming a subsidiary. In May 2018, a whistleblower lawsuit was filed against CVS Caremark alleging fraud by. The whistleblower alleged that CVS Caremark was charging Medicaid and Medicare customers more for their prescriptions than was appropriate. In January 2019,
Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquarter ...
announced that it would no longer use CVS Caremark as its pharmacy benefit manager. In January 2020, CVS Caremark announced RxZero, a program that would allow patients with
diabetes Diabetes, also known as diabetes mellitus, is a group of metabolic disorders characterized by a high blood sugar level ( hyperglycemia) over a prolonged period of time. Symptoms often include frequent urination, increased thirst and increased ...
to pay no copays. In February 2020, Alan Lotvin was appointed president of CVS Caremark. Logo until 2016


Notes


External links


Caremark Official website
{{CVS Health Pharmacy benefit management companies based in the United States Caremark Health care companies based in Rhode Island Companies based in Providence County, Rhode Island Woonsocket, Rhode Island Health care companies established in 1993 American companies established in 1993 1993 establishments in Alabama American corporate subsidiaries 2007 mergers and acquisitions Corporate spin-offs