Navigation Links
Report: CVS Caremark Contributes Billions to Rhode Island Economy
Date:2/14/2012

WOONSOCKET, R.I., Feb. 14, 2012 /PRNewswire/ -- CVS Caremark (NYSE: CVS) today released an economic impact study of CVS Caremark's contribution to the economy of Rhode Island, the state where the company's national headquarters is located.  According to the findings of the study, which PricewaterhouseCoopers LLP (PwC) conducted for CVS Caremark, the company's Rhode Island operations contributed more than $1.2 billion to Rhode Island's Gross Domestic Product (GDP) in 2010, approximately 12,000 jobs, $831 million in labor income, and $116 million in state and local taxes. 

(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO )

Over the next ten years, the study found that CVS Caremark's contribution to Rhode Island's GDP is projected to be approximately $16.6 billion, assuming its growth matches the average annual growth for the national economy, which is projected by the Congressional Budget Office to be 4.7%.  However, if CVS Caremark's growth over the next ten years matches its historical growth, its contribution over the next ten years would increase to approximately $35 billion, the PwC study projects.

"We are committed to Rhode Island and are proud to be a part of this community where we put down roots at our founding in 1963," said CVS Caremark President and CEO Larry J. Merlo.  "The results of this study are further evidence that as we have grown as a company, we have also helped Rhode Island to grow."

CVS Caremark maintains its corporate headquarters in Rhode Island.  These operations include a Customer Support Center, Finance Center and Marketing Center.  The Company also maintains two distribution facilities with more than 800,000 square feet of distribution space, a Customer Care Call Center and 58 CVS/pharmacy stores in Rhode Island.  CVS Caremark directly generated more than 6,000 jobs in 2010 in Rhode Island, including officers and executives of the company, pharmacists and health care professionals, finance and sales professionals, technology and information systems professionals, and front store associates. 

In 2010, CVS Caremark's corporate headquarters drew more than 54,000 visits from suppliers, vendors and others.  If even half of these visitors were from out-of-state, they would have spent $9 million in local hotels, restaurants and car rental locations.  In addition, CVS Caremark purchased millions of dollars in goods and services from local suppliers and invested more than $90 million in new Rhode Island based capital building projects.

The economic impact of CVS Caremark was measured using four metrics:  employment, labor income, taxes and value added.  For each of these measures, the direct, indirect and induced impacts are calculated to quantify CVS Caremark's total contribution.  The complete report, "Economic Impact Study: CVS Caremark's Contribution to the Rhode Island Economy," is available here.

About CVS Caremark
CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are uniquely positioned to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of approximately 65,000 pharmacies, including more than 7,300 CVS/pharmacy® stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor™ program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's website at http://info.cvscaremark.com/.


'/>"/>
SOURCE CVS Caremark
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. KLAS Oncology Report: Elektas MOSAIQ Oncology Information System is 2011s No. 1 Oncology Software Solution
2. Report: Brand Drug Copay Coupons Raise Health Costs for Employers, Unions, and State Governments by $32 Billion
3. PCMA on IOM Essential Health Benefits Report: Employers and Special Interests Will Spar Over Costly Prescription Drug Mandates
4. New Report: Independent Drugstores Thrive in Economic Recession
5. Report: Inappropriate Antibiotic Use Still High Despite Educational Efforts
6. Reportlinker Adds Global In Vitro Diagnostics (IVD) Market Report: 2010 Edition
7. New Leapfrog Report: A Call to Action on Improving the Safety of Computerized Prescribing Systems
8. American Stroke Association Late-Breaking Science Report: New Drug as Effective as Warfarin in Preventing Strokes in Atrial Fibrillation Patients With Prior Stroke or TIA
9. American Stroke Association Late-Breaking Science Report: Antiplatelet Drug May Be Better Than Aspirin in Preventing Recurrent Strokes
10. American Heart Association Rapid Access Journal Report: Implanted Monitor Accurately Detects Heart Rhythm Disturbances
11. American Heart Association Late-Breaking Clinical Trial Report: New Reversible Oral Drug Reduces Cardiac Events in Primary PCI Patients
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/26/2017)... , April 26, 2017 Phoenix Marketing Solutions ... fifteenth year of fulfilling its mission of transforming science into ... highly scrutinized, Phoenix,s innovative approach supports ... community about the latest advances in science and medicine — ... was founded in 2002 by Tracy Doyle ...
(Date:4/24/2017)... England , April 24, 2017 ... development, today announced the addition of a major ... ,Validated In-situ Plate Seeding,). The VIPS has been ... and 384 well microplates as part of the ... system offers a simple and more reliable solution ...
(Date:4/20/2017)...  Vivify Health, the pioneer and market leader of ... very significant patent for the advancement of healthcare delivery ... digital health.  This landmark patent provides the company with ... Vivify,s position as the leader in remote care.  ... company to apply consumer mobile devices, wireless biometrics, EMR ...
Breaking Medicine Technology:
(Date:4/28/2017)... Washington, DC (PRWEB) , ... April 28, 2017 ... ... Unplanned Pregnancy (The National Campaign) announces its support for the Access to ... by Sen. Jeanne Shaheen (D-NH) and Rep. Jackie Speier (D-CA), will help to ...
(Date:4/28/2017)... ... April 28, 2017 , ... ... integration of Microsoft(R) Word(TM) Online(TM), which enables sleep physicians to create and edit ... the reporting process and provides a familiar interface that does not require additional ...
(Date:4/28/2017)... ... April 28, 2017 , ... Getting enough sleep affects much more than energy – ... just 19 hours without sleep can compromise motor reaction time, which can increase the risk ... Insurance is sharing the following tips from the NSF to help you sleep better and ...
(Date:4/28/2017)... ... April 28, 2017 , ... Ushio America proudly introduces the ... instant energy-saving solution for F32T8 fluorescent lamps on most instant-start and programmed-start electronic ... hour rated lamps utilize the existing electronic ballast, saving labor and maintenance costs. ...
(Date:4/28/2017)... ... April 28, 2017 , ... Children ... to more adverse experiences than children in the general population. That’s because foster ... neglect or other family challenges. While no fault of their own, youth who ...
Breaking Medicine News(10 mins):