Cvs Caremark : Legal Environment Of Business

2663 Words Apr 27th, 2015 11 Pages
Conner Godwin
Professor Foster
Legal Environment of Business
April 20, 2015
CVS Caremark CVS Caremark is a pharmaceutical company that is considered one of the largest suppliers of both over-the-counter and prescription medicine in the world. They’ve been named best in their industry over the past few years by Forbes magazine and continue to own one of the highest revenue marks in the country in the healthcare industry. On top of all these accolades that they have been receiving in recent years, the company is still growing at an exponential rate. On New Year’s Day in 2011, the closing stock price for CVS was $33.31. As of April 19th, 2015, the closing price according to the NYSE was at an astounding $100.39. That is over a 200% growth in just five years and the company will continue to grow at an exponential rate if they continue their innovative ways of dominating the industry. CVS Caremark was first founded back in 1892 when Frank Melville, a shoe jobber, took over 3 stores that were owned and operated by his employer. He first incorporated the company in 1922 as the Melville Shoe Company working alongside his son, Ward. The company first went public in 1936, still under the original name, which would be used up until 1963, when Ward Melville first came up with the name Customer Value Store, better known as CVS. Until 1968 however, CVS remained a discount clothing and shoe company. In 1968, they began to incorporate pharmacies in their stores, leading them down the path…

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