CVS 2007 Annual Report Download - page 14

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10 I CVS Caremark
items that make up the majority
of our front-end sales. We even
stand to benefit if consumers turn
to our high-quality, lower-cost CVS
store brand products to save money.
We’re expanding MinuteClinic as part
of our broader health care offerings.
For many CVS/pharmacy customers,
2007 presented them with their first
chance to visit one of our in-store
MinuteClinics. Focused on treating
a limited number of common
ailments at a competitive price, it
is helping us lower costs for health
plans and self-insured employers.
MinuteClinic has seen more than
1.5 million patients since inception,
and customer response has been
extremely positive. It is the only
retail clinic to meet the rigorous
guidelines of The Joint Commission,
the nation’s chief standards-setting
and accrediting body in health care.
At least 25 percent of MinuteClinic
patients have not previously been
CVS/pharmacy customers. That
represents a significant opportunity
to introduce them to the “CVS
easy” shopping experience and
reap incremental sales gains in the
pharmacy and the front end. As I
mentioned earlier, we’re also working
to incorporate MinuteClinic into
our PBM offerings when Caremark
sits down at the table with current
and potential clients.
Before closing, I want to take this
opportunity to thank the outstanding
management team we have across
our retail and PBM businesses and
the more than 190,000 people in
our company who helped make
the past year’s accomplishments
possible. I’ve often said we have
the best people in the industry, and
they proved me right again. I deeply
appreciate their dedication.
I also want to acknowledge the
considerable contributions Mac
Crawford made at the helm of
Caremark for nine years and in his
subsequent role as the first chair-
man of the board of our combined
company. Mac chose to step down
in November, and I wish him a
happy and healthy retirement.
We shared the same vision for
the future of this industry, and the
core team he assembled remains the
guiding force at Caremark Pharmacy
Services. Former director Roger
Headrick provided invaluable
guidance during his 11 years on the
Caremark board, and I want to thank
him for his contributions as well.
We really are at a pivotal moment
in our history, with CVS Caremark
poised to transform the delivery of
pharmacy services in this country.
We’ve done so much more than
just combine two very successful
businesses. We’ve literally created
a first-of-its-kind company – one
with the ability to grow faster than
either of its components would
have on its own. For us, that’s the
real “power of one.” Thank you for
your confidence.
Thomas M. Ryan
Chairman of the Board,
President & CEO
February 27, 2008