WORLD'S MOST INNOVATIVE COMPANIES 2018
7. CVS Health
CVS Health
CVS Health is an American pharmacy and healthcare company with
nearly 10,000 stores in its network. Formerly CVS Caremark Corporation, the
company was rebranded as CVS Health in 2014, and its health-focused business
includes pharmacy services, retail, in-store health clinics, and its own
Digital Innovation Lab aimed at creating smart devices and apps to improve
healthcare. At a time when competitors like Walgreens are closing stores, CVS
is looking to grow its customer base with extra services that explode traditional
expectations. At its health clinic subsidiary, MinuteClinic, patients can get
everything from flu shots to cholesterol screenings to a urinary tract
infection diagnosis. The first tools from its Digital Innovation Lab in Boston
began rolling out in 2015, including an Apple Watch-compatible mobile app, and
a new feature that lets users scan paper prescriptions and insurance cards to
fill medications remotely and set reminders to pop pills. The chain also added
healthier food choices, including fresh fruit and organic brands, in its
aisles. The company banned tobacco products from its stores in late 2014 and
even introduced its own smoking cessation program. CVS has rolled out
full-service hearing and optical services and, in a bid to further its patient
education program, partnered with IBM to use Watson's artificial intelligence
system to predict which customers need interventions to avoid health crises.
Recently, CVS has expanded from retail health center to patient advocate.
It has begun selling a less-expensive EpiPen alternative and
stopped stocking sunscreens with an SPF below 15. Last April, the
company announced it would remove parabens, phthalates, and other “chemicals
of concern” from nearly 600 store-brand personal-care items after cutting
trans fats from its food products. “We think about the customer first,” says
CVS Pharmacy president Helena Foulkes. “If you do so, partners want to work
with you.” Updated stores have seen a 2.5% boost in overall sales and a 7% increase
in food purchases. And CVS will likely get even healthier once it completes its
$69 billion acquisition of insurer Aetna.
https://www.fastcompany.com/company/cvs-health
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