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CVS Health Recognized for Support of Women-Owned Businesses
The Women’s Business Enterprise National Council (WBENC) has recognized CVS Health as one of America’s Top Corporations for Women’s Business Enterprises (WBE) in 2017. This marks the third year in a row that CVS Health has earned the honor, which is reserved for world-class supplier diversity programs that reduce barriers and drive growth for women-owned businesses.
“WBENC’s Top Corporations set the standard for enabling women suppliers to access increased opportunities in new markets – both domestically and internationally. They have been valued partners in our 21 years of commitment to women’s business development,” said Pamela Prince-Eason, President and CEO of WBENC, the nation’s leader in women’s business development. “WBENC-Certified WBEs in turn are able to fuel innovation, and empower communities through economic growth and job creation.”
Supplier Diversity Fuels Innovation and Economic Growth
Driven by the belief that the ability to deliver innovative, high-quality health and pharmacy services is closely tied to partnerships with diverse suppliers, CVS Health has made a concerted effort to ensure the diversity of our colleagues, customers, and communities is reflected in our diverse supplier base. CVS Pharmacy stores across the country sell a wide range of products sourced from WBEs, including disinfectants, snacks, and dog treats.
“It is an incredible honor to be recognized by WBENC three years in a row for our commitment to sourcing products from WBEs,” said Raul Suarez-Rodriguez, CVS Health Manager of Supplier Diversity/Strategic Procurement. “Working with a diverse supplier base, which includes WBEs, is a priority for CVS Health. We believe we are better able to help our customers and patients on the path toward better health by committing to supplier diversity.”
As WBENC President and CEO Pamela Prince-Eason indicated, the commitment to a diverse supplier base helps to drive growth, job creation, and innovation in local communities. The economic impact can be quantified. In 2016, CVS Health spent $2 billion with WBEs, as well as minority-owned, veteran-owned, and LGBT-owned businesses. This spending generated an additional $1.4 billion in supply chain spending, supported more than 21,145 jobs, and led to $1.7 billion in spending in local communities.1
Support for WBEs Beyond Spending
Support for WBEs and supplier diversity should extend beyond just spending. As part of its commitment to supplier diversity, CVS Health has partnered with Roger Williams University on the Executive Learning Series for Diverse Suppliers. This training program is intended to help business owners and executives representing diverse suppliers to improve management skills. Two-thirds of the class completing the training program in November 2017 came from WBEs.
For more information about CVS Health’s Supplier Diversity programs, visit our Supplier Diversity hub on CVSHealth.com.
1 CVS Health. “Supplier Diversity Impact Report: An Analysis of CVS Health’s Supplier Diversity Program on the U.S. Economy.” https://cvshealth.com/sites/default/files/cvs-health-supplier-diversity-impact-report-2016.pdf