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CVS Pharmacy
CVS was founded in 1963 in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein along with Ralph Hoagland, originally opening as a health and beauty aid discount store before adding pharmacy counters to its locations starting in 1967. The company grew into the largest pharmacy chain in the United States by store count and revenue, and its 2007 acquisition of Caremark, a major pharmacy benefit manager, along with its 2018 acquisition of health insurer Aetna, transformed CVS Health into one of the largest integrated healthcare companies in the country. CVS drew significant national attention in 2014 when it became the first major U.S. pharmacy chain to voluntarily stop selling tobacco products in all of its stores, a decision the company framed as aligning its retail business with its broader healthcare mission. CVS's combination of its growth into the largest pharmacy chain in the country and its transformation into a vertically integrated healthcare and insurance conglomerate has made it one of the most structurally significant companies in the American pharmacy industry.
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Rite Aid
Rite Aid was founded in 1962 in Scranton, Pennsylvania by Alex Grass, originally opening as a discount drugstore called Thrift D Discount Center before rebranding as Rite Aid in 1968, and the company grew into the third-largest pharmacy chain in the United States for much of its history. The company pursued a major 1990s acquisition strategy, including the purchase of hundreds of stores from competitors, that significantly expanded its national footprint but also left it carrying substantial debt that shaped much of its later corporate history. Rite Aid filed for Chapter 11 bankruptcy protection twice in recent years, in 2023 and again in 2025, closing hundreds of underperforming stores as part of broader restructuring efforts amid intensifying competition from CVS, Walgreens, and large retailers with pharmacy counters. Rite Aid's combination of its multi-decade run as one of America's three dominant national pharmacy chains and its more recent high-profile financial restructuring has made it one of the most closely watched companies in the contemporary pharmacy retail industry.
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