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CVS Health Named One of "World's Most Admired Companies" by FORTUNE Magazine for Fifth Consecutive Year
Tuesday, January 22, 2019
WOONSOCKET, R.I., Jan. 22, 2019 /PRNewswire/ -- CVS Health (NYSE: CVS), the nation's premier health innovation company, today was recognized by FORTUNE magazine as one of the World's Most Admired Companies for the fifth consecutive year. CVS Health was honored as No. 35 on the annual rankings of the world's most respected and reputable corporations, up four spots from 2018. The company was also ranked No. 1 in the Health Care: Pharmacy and Other Services category.
FORTUNE's Most Admired Companies lists are among the most highly respected indicators of corporate performance and reputation, and rate companies on various attributes including the ability to attract and retain talented people, quality of products and services, quality of management, innovation, social responsibility, and investment value.
"CVS Health is proud to once again be recognized by FORTUNE, as we work to transform the consumer health care experience and build healthier communities," said Larry J. Merlo, CVS Health President and CEO. "As health care innovators, we're committed to making health care more local, affordable and easier to use for individuals and families across the country, while supporting communities with the resources and solutions they need to address their unique health care needs. That commitment and our recognition as one of the "World's Most Admired Companies" are reflected in the dedication of our 300,000 colleagues who deliver everyday on our purpose of helping people on their path to better health."
Over the past year, CVS Health has taken a number of steps to strengthen the health of communities nationwide, including helping to solve for the nation's opioid epidemic. CVS Health has increased access to safe medication disposal units inside many CVS Pharmacy locations, and has donated additional disposal units to police departments across the country. By the end of 2019, the company will have more than 2,700 in place, which have collected more than 650,000 pounds of unused medications that could otherwise be diverted, abused or contaminate the water supply if disposed of improperly. In addition, our pharmacists throughout the U.S. have reached 450,000 students and parents, educating them on the dangers of prescription drug abuse through a program called Pharmacists Teach.
To address the rising costs of prescription drugs, CVS Health has deployed technology to make drug prices more transparent to both prescribers and patients. Through the company's Real-Time Benefit platform, prescribers using the information are switching CVS Caremark members to a lower-cost preferred alternative medication 40 percent of the time, resulting in an average savings of $130 per filled prescription, compared to the original drug selected.
In pursuit of even bolder solutions to address the country's major health care challenges, CVS Health completed its historic acquisition of Aetna in November 2018, creating a combined company that will help remove barriers to high quality care and build lasting relationships with consumers, making it easier for consumers to access the information, resources and services they need to achieve their best health.
Earlier this month, CVS Health announced a $100 million commitment to making community health and wellness central to the combined company's charge for a better world. The new Building Healthier Communities initiative, which will be funded over five years through the combined company as well as the CVS Health Foundation and Aetna Foundation, builds upon the outstanding tradition of community investment by both organizations.
In addition, CVS Health and Aetna employees have pledged a minimum $10 million in value of volunteer hours each year, offering their time and expertise to creating healthier, more sustainable communities.
The recognition by FORTUNE magazine is the latest in a series of third-party acknowledgments for CVS Health, including: Forbes Most Valuable Brands; Corporate Responsibility Magazine's 100 Best Corporate Citizens; Human Rights Campaign's Top Places to Work for LGBT Equality; Points of Light's The Civic 50; Military Times Best for Vets; Newsweek's Green Ranking of America's Greenest Companies; and DiversityInc's Top 50 Companies for Diversity.
FORTUNE collaborated with our partner Korn Ferry on this survey of corporate reputation. We began with a universe of about 1,500 candidates: the 1,000 largest U.S. companies ranked by revenue, along with non-U.S. companies FORTUNE's Global 500 database that have revenues of $10 billion or more. We then winnowed the assortment to the highest-revenue companies in each industry, a total of 680 in 30 countries. The top-rated companies were picked from that pool of 680; the executives who voted work at the companies in that group.
To determine the best-regarded companies in 52 industries, Korn Ferry asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent. A company's score must rank in the top half of its industry survey to be listed.
To select our 50 All-Stars, Korn Ferry asked 3,750 executives, directors, and securities analysts who had responded to the industry surveys to select the 10 companies they admired most. They chose from a list made up of the companies that ranked in the top 25% in last year's surveys, plus those that finished in the top 20% of their industry. Anyone could vote for any company in any industry.
About CVS Health
CVS Health is the nation's premier health innovation company helping people on their path to better health. Whether in one of its pharmacies or through its health services and plans, CVS Health is pioneering a bold new approach to total health by making quality care more affordable, accessible, simple and seamless. CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has more than 9,800 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 93 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan. CVS Health also serves an estimated 39 million people through traditional, voluntary and consumer-directed health insurance products and related services, including a rapidly expanding Medicare Advantage offering. This innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.
SOURCE CVS Health