The Evolution of the CVS Mission Statement: Analysis for 2022
As a veteran industry expert, I‘ve seen the CVS mission statement evolve over the past decade to meet changing healthcare needs. Here‘s my in-depth analysis of the current CVS mission, vision, and values for 2022.
Shifting Focus Towards Holistic Health
The original CVS mission statement from the 1960s focused narrowly on retail pharmacy services. However, today‘s statement – "Helping people on their path to better health" – encapsulates a much broader, patient-centric approach to holistic health and wellbeing.
| Era | Mission Statement | Focus |
|---|---|---|
| 1960s | To be the most trusted and convenient pharmacy retailer | Retail pharmacy services |
| 2000s | We help people on their path to better health | Retail plus health services |
| 2022 | Helping people on their path to better health | Holistic health and wellbeing |
As seen above, CVS has evolved from simply dispensing medicines to providing integrated healthcare services and supporting overall wellness. This shift mirrors changing consumer expectations.
Per a 2021 CVS Health survey, 89% of consumers now prioritize maintaining good physical health and 65% mental health as part of living a full life. CVS is adapting its mission to make personalized holistic health easily accessible.
Expanded Health Services Across Channels
Aligning with their broader mission focus, CVS has aggressively expanded healthcare services across retail, digital, and home channels.
For example, CVS operates over 1,100 MinuteClinic locations providing walk-in care, plus they offer digital tools for medication management and telehealth visits. By acquiring Aetna, CVS can now coordinate insurance coverage with health services.
This omni-channel strategy increases access to integrated, affordable care fully aligned to the CVS mission. It represents a major shift from solely retail pharmacies.
Mission-Driven Acquisitions and Partnerships
Strategic acquisitions and partnerships demonstrate CVS‘ commitment to improving community health. For instance:
- The 2018 Aetna acquisition enabled lower-cost care coordination.
- Partnerships with leading diabetes organizations expand resources for patients.
- Collaborations with Federally Qualified Health Centers increase preventative care access in underserved communities.
Far beyond operating pharmacies, these moves expand affordable care access from urban to rural populations.
Analysis: Impact on Business Performance
This evolution towards a holistic health mission has fueled business growth and industry leadership for CVS.
- CVS holds the #1 U.S. pharmacy market share at around 25%.
- Total revenues grew 6% from 2020-2021 to $292 billion.
- As of 2021, CVS manages pharmacy benefits for over 65 million members.
By making affordable, patient-centric care their mission, CVS has built trust and grabbed market share. Their community health partnerships also strengthen brand reputation.
CVS still has ample opportunity to deliver on its mission, but so far, an emphasis on holistic health has been a winning business strategy. This case reveals how a clear mission statement can drive growth.
The Road Ahead
In the years ahead, I expect to see CVS further humanize healthcare by:
- Expanding in-store and virtual health services.
- Integrating emerging technologies like digital therapeutics and home diagnostics.
- Deepening community health partnerships.
- Hiring patient advocates and care coordinators.
The mission will remain centered on whole person health – both physical and mental. CVS is undoubtedly an industry leader to watch.
As CVS evolves, their passion for helping people live healthier lives will continue improving community wellbeing nationwide. This promise means more than words to them – it‘s a competitive advantage.
