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In 1963, Goldstein co-founded CVS Health along with his brother Sidney and business partner Ralph P. Hoagland III. Goldstein was chairman and chief executive officer of Melville during the 1980s and 1990s. Goldstein died from cancer at his home in Providence, Rhode Island, on May 21, 2024, at the age of 89. References
Ralph Pratt Hoagland III (August 1, 1933 – January 17, 2020) was an American businessman. Life and career. Hoagland was born in Boston. He attended Princeton University and Harvard Business School. In 1963, Hoagland co-founded CVS Health along with business partners Stanley and Sidney Goldstein.
- History
- Aetna
- Tobacco Products Removed from Stores
- Criticism and Controversy
- Community Involvement and Philanthropy
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1960s
The first Consumer Value Store (CVS), selling health and beauty products, was founded in 1963, in Lowell, Massachusetts, by brothers Stanley and Sidney Goldstein and Ralph Hoagland. By 1964, CVS had 17 stores that sold primarily beauty products. In 1967, CVS opened its first stores with pharmacy departments in Warwick, Rhode Island, and Cumberland, Rhode Island.CVS was sold to Melville Corporation in 1969.
1970s
By 1970, CVS was operating 100 stores in New England and the Northeast. In 1972, CVS acquired 84 Clinton Drug and Discount Stores. This purchase introduced CVS to the Midwest with stores in Indiana. During 1977, CVS acquired 36 New Jersey–based Mack Drug stores.
1980s
1. 1983: Hemophilia patient home health care is launched. 2. 1988: CVS acquires Heartland Drug, a small pharmacy company in the Boston area giving it stores in the Boston metro including Watertown Square and Harvard Square.
CVS Pharmacy
CVS Pharmacy is one of the largest retail pharmacy chains in the United States, with 9,600 stores located in all 50 states, the District of Columbia, and Puerto Rico, operating primarily under the CVS Pharmacy, CVS, Longs Drugs, Navarro Discount Pharmacy and Drogaria Onofre names. CVS Pharmacy fills more than one of every five prescriptions in the United States, and 85% of U.S. population lives within 10 miles of a CVS Pharmacy. The ExtraCare loyalty program boasts over 70million cardholders,...
MinuteClinic
MinuteClinic retail medical clinics operate inside CVS Pharmacy locations within the United States. It is the largest walk-in medical clinic in the United States, with over 1,100 locations in 33 states and the District of Columbia. More than 50 percent of the U.S. population now lives within 10 miles of a MinuteClinic.
CVS Caremark
CVS Caremark provides comprehensive prescription benefit management services including mail order pharmacy services, specialty pharmacy and infusion services, plan design and administration, formulary management and claims processing. The company's clients are primarily employers, insurance companies, unions, government employee groups, health plans, Managed Medicaid plans and other sponsors of health benefit plans and individuals throughout the United States. CVS Caremark manages the dispens...
On February 5, 2014, CVS announced that the company would discontinue the sale of all tobacco and cigarette products from their stores by October 1, 2014. In a statement explaining the change, CVS president and CEO Larry J. Merlo said, "We came to the decision that cigarettes and providing health care just don't go together in the same setting."
Health and Medicare fraud
In the late 1980s and early 1990s Caremark RX was involved in a number of health fraud and Medicare fraud scandals.The combined price to settle this dispute with the U.S. Government cost the company over $250million.
Elensys
In 1998, The Washington Post reported that CVS Corporation appeared to be sharing prescription drug information with the Woburn, Massachusetts, based marketing company, Elensys. According to the Post, Elensys received information on specific prescription drugs that individual CVS customers had purchased and used this information to send targeted direct mailings urging customers to renew prescriptions and promoting other products in which they might be interested. CVS and Elensys argued that t...
Trio Drugs Lawsuit
On August 22, 2001, CVS Corp was sued for purchasing Trio Drugs' confidential records.
Since 1978, CVS Samaritan Vans have provided free roadside assistance to motorists and the community in numerous cities.[citation needed]Played at the Rhode Island Country Club, the CVS Caremark Charity Classic was established to raise money for the support of non-profit agencies throughout New England. Since 1999, it has raised ove...In 2024, CVS Health committed to invest nearly $35 million in equity to create two affordable housing developments in Hawai'i. A $17.5 million investment went toward the construction of 200 new aff...Business data for CVS Health Corp:May 27, 2024 · Stanley P. Goldstein, who in the early 1960s helped start a retail chain named Consumer Value Stores, which, after shortening its name to CVS — because, he said, fewer letters meant cheaper...
May 29, 2024 · With his brother Sidney and a third partner, Ralph Hoagland, Goldstein started the health-care conglomerate, now with revenues of more than $350 billion, at a single, open-layout store in...
Jun 1, 2024 · It was only after his brother Sidney asked for his help that Goldstein returned to brainstorm ways to revive the ailing business with Ralph Hoagland, a former Procter & Gamble salesman who...
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Who was Stanley Goldstein?
Why did Stanley Goldstein start CVS?
How would Goldstein respond if he did not introduce himself?
Jul 1, 2007 · When Stanley Goldstein started a new business with his brother, Sidney, and a friend, Ralph Hoagland, he picked a name that he thought said it all, “Consumer Value Stores”—CVS. The main idea of success in business, Goldstein thought, was to be aware at all times what consumers wanted and to give them value in the process.
