CVS changes name to reflect health care commitment

CVS (NYSE:CVS) announced that it is changing the company name to reflect its growing commitment to health.

CVS Caremark will now be called CVS Health in the wake of its driving innovations to promote its customers' health on all fronts. The company recently announced the pulling of all tobacco products from its shelves, which will move forward a month ahead of schedule.

"For our patients and customers, health is everything and CVS Health is changing the way health care is delivered to increase access, lower costs and improve quality," announced Larry J. Merlo, president and CEO, CVS Health. "As a pharmacy innovation company at the forefront of a changing health care landscape, we are delivering breakthrough products and services, from advising on prescriptions to helping manage chronic and specialty conditions."

CVS Health will encompass all of its brand divisions, including CVS/pharmacy, CVS/caremark, CVS/minuteclinic and CVS/specialty. The company owns 7,700 retail pharmacies, 900 walk-in medical clinics, and a pharmacy benefits manager with 65 million plan members.

CVS will pull the plug on distribution of all tobacco products by Sept. 3, nearly a month ahead of the previously targeted date of Oct. 1. The original announcement preluding the cessation of tobacco product sales came in February.

"Along with the start of CVS Health, the sale of cigarettes and tobacco products at CVS/pharmacy ends today. By eliminating cigarettes and tobacco products from sale in our stores, we can make a difference in the health of all Americans," Merlo said.

Also on the tobacco-free front, the company kicked off a comprehensive smoking cessation campaign intended to help Americans quit smoking. The program, designed with input from national experts, has included the combined efforts of the CVS/pharmacy, CVS/minuteclinic and CVS/caremark.

The retailer has taken many strides over the past year toward furthering its focus on health. In June, the company launched Fit Choices and a healthy snack line.

For more:
-See this CVS press release

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