CVS Caremark (formerly Caremark Rx) (stylized as , previously CVS/caremark) is the prescription benefit management subsidiary of CVS Health, headquartered in Woonsocket, Rhode Island. Company history Caremark was founded as a physician and pharmacy benefits management company in 1993. It was founded in Birmingham, Alabama as MedPartners, Inc. by former HealthSouth Corporation chief executive Richard Scrushy. New Enterprise Associates was an initial investor in the company. MedPartners went public in February of 1995. In August 1995, MedPartners announced the acquisition of Mullikin Medical Enterprises, a physician management company. In December 1995, MedPartners acquired Pacific Physicians Services in Redlands, California. On May 15, 1996, Caremark International, a provider of manager health services, announced it would be acquired by MedPartners. Caremark International was founded as a unit of Baxter International and was spun off from Baxter in 1992 as a publicly traded company. In October 1997, PhyCor, announced they would acquire MedPartners for $8 billion in stock and assumed debt. However, the merger agreement was terminated in January 1998, with the companies citing significant operational and strategic differences as the reason for the termination of the merger. In January 1998, Chairman, President and CEO Larry House left the company and Richard Scrushy took over as chairman and acting CEO of the company. In 1998, Edwin "Mac" Crawford became the new president and CEO of MedPartners. After taking over, Crawford announced that MedPartners was exiting its PPM business and refocusing on its PBM business. 2000 to present In 2000, MedPartners changed its name to Caremark Rx. In 2003, it merged with AdvancePCS. That same year, Caremark moved its headquarters from Birmingham, Alabama, to Nashville, Tennessee. In March 2007, Caremark merged with CVS Corporation to create CVS Caremark. In August 2008, CVS Caremark purchased Longs Drugs Stores for $2.7 billion. In 2009, CVS Caremark agreed to pay $2.25 million to settle alleged unfair trade practices and alleged violations of the privacy protections under the Health Insurance Portability and Accountability Act of 1996. Also in 2009, CVS Caremark agreed to repay $2.8 million to consumers who purchased AirShield tablets and powders, which were marketed as being able to prevent illness, after it was alleged that the marketing for the product made misleading claims. In 2013, CVS Caremark announced the acquisition of Coram LLC, a drug infusion business, for $2.1 billion. In 2014, the corporate name for CVS Caremark became CVS Health, with CVS Caremark becoming