CVS Health Corporation
Eastern European Jewish parents → USA
Healthcare, Pharma & Biotechnology
Summary
CVS Health was founded in 1963 in Lowell, Massachusetts, by brothers Stanley and Sidney Goldstein, sons of Eastern European Jewish immigrant parents who had arrived in the United States in the early twentieth century, together with their partner Ralph Hoagland. The first store, Consumer Value Stores, sold health and beauty products at discount. CVS added pharmacy services in 1967 and grew through acquisitions of Peoples Drug, Eckerd Drug, and others. The 2018 acquisition of Aetna transformed CVS into one of America’s largest integrated healthcare companies.
European Contribution
Eastern European Jewish immigrant family discipline and merchant culture.
American Impact
Built one of the largest American healthcare and pharmacy companies; the 2018 Aetna acquisition created an integrated insurance-pharmacy-health network.
Timeline Highlights
- Early 1900s Goldstein parents emigrate from Eastern Europe
- 1963 Consumer Value Stores founded in Lowell, Massachusetts
- 1967 First pharmacy services added
- 1996 Acquires Revco; becomes one of the largest U.S. pharmacy chains
- 2018 Acquires Aetna; integrated healthcare model