In the 1960s two brothers in Massachusetts co-founded(共同创立) a drugstore chain(连锁药店) called the Consumer Value Stores. Today CVS is America’s largest such business. Yet over time it became much more than a pharmacy, first by expanding into the booming business of negotiating bulk discounts with drugmakers, and then by offering its own health-insurance plans.(然而，随着时间的推移，它远不止是一家药店：它先是扩张进入蓬勃发展的与制药商谈判批量折扣的业务，随后又推出自己的健康保险计划。) In all three markets it is one of America’s largest companies (see chart).
20世纪60年代，马萨诸塞州的两兄弟共同创立了一家名为“消费者价值商店”的连锁药店。如今，CVS是美国最大的连锁药店。然而，随着时间的推移，它远不止是一家药店：它先是扩张进入蓬勃发展的与制药商谈判批量折扣的业务，随后又推出自己的健康保险计划。在这三个市场中，CVS都是美国最大的公司之一（见图表）。
On November 4th CVS announced that it would unwind(拆解，放弃) this vertically integrated(垂直整合的) model, by splitting in two. One half will be made up primarily of its insurance arm and the pharmacy-benefit manager (PBM)(药品福利管理机构) that negotiates drug prices, with annual revenue of around $300bn. The other will take its retail pharmacies and walk-in clinics(免预约诊所), which together make a little over $90bn in sales a year. Measured by revenue affected, it is the largest break-up in over a decade, and the largest ever in health care.(按受影响收入衡量，这是十多年来最大的分拆，也是医疗保健行业有史以来最大的分拆。) It also signals a turning point for the industry.
11月4日，CVS宣布将分拆为两家公司，从而放弃这种垂直整合模式。其中一半主要由其保险部门和负责谈判药品价格的药品福利管理机构（PBM）组成，年收入约3000亿美元。另一半将接管其零售药房和免预约诊所，这两项业务合计年销售额略高于900亿美元。按受影响收入衡量，这是十多年来最大的分拆，也是医疗保健行业有史以来最大的分拆。它还标志着该行业的一个转折点。
When CVS purchased Aetna, a health insurer, in 2018, it hailed(称赞) the deal as the start of a new model for American health care. Companies would become more efficient by integrating and controlling large swathes of(大片，大量) the country’s convoluted(错综复杂的) health system. At times the insurance arm has been a source of pain; two years ago profits were plummeting(暴跌) after the company misjudged(误判) the cost of services for patients on its health plans. But since then David Joyner, the boss of CVS, has restored Aetna to health—and proved the profitability of the vertically integrated model.(但自那以后，CVS的老板大卫·乔伊纳让Aetna恢复了健康，并证明了垂直整合模式的盈利能力。)
2018年，CVS收购健康保险公司Aetna时，曾称赞这笔交易是美国医疗保健新模式的开端。通过整合和控制美国错综复杂的医疗体系中大片业务，企业将变得更高效。有时，保险部门一直是痛苦的来源；两年前，由于公司误判了其健康计划患者的服务成本，利润大幅下滑。但自那以后，CVS的老板大卫·乔伊纳让Aetna恢复了健康，并证明了垂直整合模式的盈利能力。