CVS Health to split pharmacy chain from health insurance

CVS Pharmacy will be separate from CVS Health, housing major insurer Aetna and benefits manager Caremark

CVS Health, the largest US healthcare conglomerate valued at $117bn, has announced its plans split off its pharmacy chain from its health insurance and benefits businesses, ending an era in which healthcare companies grew into massive conglomerates.

In their announcement on Wednesday, CVS Health said they will split off its 9,000 pharmacies, in-store clinics and mail order prescription business into a business named CVS Pharmacy.

A second company will keep the name CVS Health and house the major insurer Aetna and the giant pharmacy benefits manager Caremark, along with other businesses that provide home visits and primary care to older people.