Looking for similar companies to CVS? The Consumer Value Store was the company’s initial name. CVS began as a chain of health and beauty supply shops. It aided health and beauty stores in keeping track of their product offerings. Later, pharmacies were added to the business. CVS’s most important industry category is retail drug stores and proprietary stores. Prior to its separation in 1996, CVS Caremark Corporation was part of Melville Corporation. After merging with Caremark Rx – a pharmacy benefit management firm – in 2007, CVS Caremark Corporation became known as CVS Health. In 2014 it underwent yet another change and is currently known as just “CVS.”.
CVS Corporation owns CVS Specialty, MinuteClinic retail clinics, CVS Caremark and CVS Pharmacy stores and generated $256.777 billion in revenues in 2019. They employed 300,000. employees. Looking to boost your Twitch presence? Increase twitch followers through purchase with StreamOz. We’ll tell you all about the CVS competitors, including who they are and how much money they’ve made, so keep reading to see how the competition stands up!
15 Biggest CVS Similar Companies
In the United States, CVS is the most popular pharmacy chain. Several pharmacy merchant businesses compete with CVS addition to CVS. Walgreens, Kroger Pharmacy, Walmart and Rite Aid will become top competitors of CVS by 2022 in the US market.
CVS Health offers its comprehensive array of health services through over 10,000 locations nationwide and faces competition from healthcare giants Cigna and UnitedHealth Group.
The top 15 biggest companies that are similar to CVS are listed below.
Walgreens
Walgreens, the very first from the 11 largest enterprises that Walgreens Boots Alliance, parents company owns. Walgreens stands among the primary competitors to CVS as both offer healthcare, niche health services, and retail merchandise. Walgreens operates almost 13,000 stores around the world – the majority are within the U.S. (it presently has operations in over 11 countries) further expansion could occur with time.
Furthermore, UK has emerged as an international market leader with 2,300 drugstore chains operating there. Walgreens saw revenue exceeding $139 billion for 2020 with prescription revenue surpassing $88.5 billion putting them in direct competition with CVS for first place.
Cardinal Health
Source: CBNC
Located in Dublin, Ohio, Cardinal Health provides integrated healthcare products and services to health systems, hospitals, clinical laboratories, physician offices, ambulatory surgery facilities, and pharmacies. The organization are operating in around 46 countries worldwide. It employed 50,000 people coupled with $145.53 billion in revenue in 2019.
Cardinal Health began as a food wholesaler in 1971, then changed its name to Cardinal Distribution in 1979 after acquiring Bailey Medicine Company and expanding into drug distribution. They sold company’s food activities in 1988, and rebranded Cardinal Health in 1994. Because of this Cardinal Health became one of the major healthcare services company in the United States.
CVS Health ranks among the United States’s premier pharmacy chains and recently combined forces to form one of its major generic medication sourcing organizations in America – this agreement will last through 2023.. For both companies, the venture sources and negotiates generic supply contracts (for CVS Caremark for CVS Health). If they continue to build on one other’s strengths, they are unlikely to lose ground in their respective industries.
PharMerica
PharMerica started in 2017 for everyone hospitals, lengthy-term care facilities, skilled assisted living facilities along with other institutional care settings. Kindred Healthcare’s pharmacy business division and AmerisourceBergen’s PharMerica Lengthy-term Care were combined into this latest company to create PharMerica now referred to as America’s second-largest institutional pharmacy services provider with 52,048 people employed and getting generated $2.4 billion revenue during 2019 alone! Situated in Louisville Kentucky.
PharMerica has experienced consistent growth since being acquired by Walgreens in 2017. Though not comparable in terms of revenue to CVS Health’s Omnicare brand, PharMerica competes head on against it when it comes to long-term care products – even if Omnicare remains ahead in sales terms.
Walmart Pharmacy
Walmart Pharmacy stands as one of the world’s premier wholesale enterprises with hundreds of retail pharmacies located nationwide and is now an established rival to CVS Pharmacy. Walmart produced $21.5 billion in prescription sales revenue during 2020 alone and offered both mail-in and specialist prescription services; its generic prescription discount program makes buying medications for either 30 days or 90 days much simpler! With such competitive pricing on offer from many pharmacies today – Walmart Pharmacy stands out among them all as being truly universal!
Rite Aid
Rite Aid, established in Pennsylvania in 1962 and located across 17 states including California with over 500 stores is another strong competitor to CVS Pharmacy. Although difficult to locate due to limited locations across 17 states in America, Rite Aid remains well-recognized as it serves millions of consumers nationwide with 2,300 Rite Aid stores ranging in number.
Pennsylvania ranks second, with 514 stores; New York trails behind with over 300. Furthermore, in 2020 Rite Aid’s revenues reached $21.8 billion with $11.5 billion generated through prescription sales alone; making them one of the premier pharmaceutical and healthcare services providers across America and ranking 150th on Fortune 500 lists of largest US corporations by total revenues.
Cigna
Cigna was formed through the merger between Connecticut General Life Insurance Company (CG) and INA Corporation in 1982, operating across over 30 nations as an international health services supplier. Offering life, health and accident coverage as well as Medicaid/Medicare products/run-off services; most products provided through employers/the government/NGOs/trade unions/groups as customers of Cigna (in 2019 they had 74,000 employees based out of Bloomfield Connecticut making $153.556 billion revenue).
Cigna earned only slightly over half what CVS Health earned, seemingly an underwhelming showing from an international corporation against local competitors like CVS Health. On paper at least. Cigna excels at insurance while CVS excels at drugstore services whereas governments and corporations make up most of Cigna’s clientele base while, after Cigna acquired Express Scripts Pharmacy Benefit Manager in 2018, both businesses competed directly in pharmacy benefits management industry.
Costco Pharmacy Wholesaler and Prescription Service. Estimated revenue projection: by 2023 it should generate $2.7 billion from Prescription services alone; with over 540 warehouses it stands as one of the leading chains offering prescriptions, health, and wellness products and services in America.
Prime Therapeutics
Prime Therapeutics provides pharmacy benefit management to assist its clients with managing and paying prescription drug claims as well as overseeing specialty drugs covered under clients’ health plans. Primary clients of Prime Therapeutics include governments as well as health insurers, employers and consultants; it’s compatible with Medicare and Medicaid as well.
Prime Therapeutics was established as a Blue Cross Blue Shield Association subsidiary in 1998 and made over $20 Million subscribers as of 2017. They generated $31 Billion in Revenues as of 2019. 3,000 Employees work at Prime, located out of Eagan Minnesota headquarters.
Prime Therapeutics’ primary function is pharmacy benefit management; thus it would be unrealistic for it to compete directly against CVS Health financially; however, in terms of this industry segment alone they compete closely – accounting for nearly 30% of CVS Health’s sales ($76.8 billion).
Kroger
Kroger is one of the most well-known pharmacies similar to CVS in the United States, with over 2,100 locations dedicated to providing health services to clients. As a result, Kroger competes directly with CVS. It also operates clinics in several stores that offer pharmacy services to customers. Kroger’s prescription drug program also includes low-cost medicinal supplements. Kroger generated approximately $15 billion in 2020 because of basic and specialist medical services.
UnitedHealth Group
Charter Med Inc. was formed in 1974 by Richard T. Burke in Minnetonka, Minnesota. In 1977, he founded United Healthcare Corporation as Charter Med’s parent business to streamline operations. Diversified Pharmaceutical Services, a subsidiary of United Healthcare, began managing pharmaceutical benefit plans. In 1994, SmithKline Beecham purchased the subsidiary.
United Healthcare was transformed in 1998 into UnitedHealth Group as an umbrella holding company for several separate enterprises, becoming a for-profit managed health care organization offering insurance and healthcare products, making $242 billion in revenues each year, employing 325,000 workers globally and taking control of healthcare industry as an entire. UnitedHealth Group competes directly against CVS Health for supremacy of this field.
Kaufman Hall conducted a survey that indicated healthcare providers felt two corporations posed the greatest danger to traditional delivery approaches of care: UnitedHealth Group (61% revenue from health insurance premiums and Pharmacy Benefit Management for CVS’ 60%). However, they are at odds in the retail store area, where CVS made more money (37%) than UnitedHealth Group (24%).
Albertsons
Albertsons is a grocery store business in the United States that also is a pharmacy. It’s also a significant competitor of CVS. This organization offers low-cost prescription drugs whatsoever of their locations, that makes it a great solution for anybody who needs medication but is with limited funds. Despite getting 1,600 pharmacies nationwide, Albertsons made greater than $5 billion in prescription sales in 2020, a sensational total revenue.
Eli Lilly
Col. Eli Lilly was a united states Civil War veteran and pharmaceutical chemist as he founded Eli Lilly & Company in 1876 in Indiana. Ever since then it’s expanded worldwide with operations spanning roughly 125 nations worldwide in addition to 18 regional offices resides in Indiana one of the world’s top pharmaceutical firms it employs 34,000 workers globally coupled with $22.31 billion in revenues during 2019.
CVS Health is an international pharmacy chain known for offering various healthcare services and pharmaceutical solutions, most notably producing mass-produced polio vaccine. While Eli Lilly focuses on patent drugs, CVS Health pharmacies specialize in generic alternatives. Which are the company’s primary source of revenue. Although generic medicine appears to be winning so far.
Publix
Publix is a supermarket business with locations throughout several states. Its supermarket pharmacy is frequently cited as having the best customer satisfaction in the country. Furthermore, practically every Publix supermarket has a pharmacy on the premises that offers a low-cost prescription drug program. So you can shop for your groceries as well as medicine.
For only $7.5, you may get a 90-day supply of famous medications! Publix is clearly a direct competitor of CVS, which is expected to generate more than $4 billion in prescription revenue in 2020.
Medimpact
Medimpact is a pharmaceutical benefits management company situated in San Diego that was founded in 1989. It primarily caters to hospitals, health plans, businesses, as well as government agencies. In the United States, MedImpact is the largest independent provider of pharmaceutical benefit management systems. The corporation serves over 55 million clients inside and outside the United States. The company had 2,000 employees and a $250 million sales turnover in 2019.
It’s inconceivable to imagine MedImpact catching up to CVS Health in terms of revenue, just like Prime Therapeutics. CVS Health remains far ahead of the pharmacy benefit management industry competition.
Humana Pharmacy Solutions
Humana was formed in 1961 as Extendicare Inc., a nursing home chain. In 1972, its founders, Wendell Cherry and David A. Jones Sr. sold the nursing home chain to focus on hospitals. Consequently, in 1974, the corporation was renamed Humana. After one of its Arizona hospitals lost a contract with Arizona’s major health-maintenance group in the 1980s, because it developed its own health insurance plan. Humana split off its hospital business in 1993 to focus on health insurance. It made $64.88 billion in revenue in 2019. The company now has 46,000 employees. The headquarters of Humana is in Louisville, Kentucky.
Humana Pharmacy Solutions competes with CVS by providing healthcare and pharmacy services, with prescription sales expected to reach over $8 billion in 2020! Humana Pharmacy Solutions also offers in-store pharmacy services. As well as delivery services. As a result, you can have your medications delivered to your home straight away!
Conclusion
Walgreens, Rite Aid, Cigna, Humana, Walmarts Pharmacy, UnitedHealth Group, Albertsons, Cardinal Health, Kohler, Prime Therapeutics, MedImpact, PharMerica, and Eli Lilly are among the top 15 CVS competitors. In 2019, they collectively generated $820.43 billion in revenue. They employed a total of 981,448 people. Even though CVS has a lot of competition, none of them come close to CVS in terms of prescription income!
Our post has given you the most comprehensive information on the 11 Largest CVS-like firms. After reading this post, you should better understand CVS, its primary competitors, and the fascinating stores that can satisfy your needs.