CVS Caremark is a pharmacy benefit manager (PBM) and a subsidiary of CVS Health, formed in 2007 through the merger of CVS Corporation and Caremark Rx. Headquartered with major operations in Woonsocket, Rhode Island, CVS Caremark manages prescription drug benefits for employers, unions, health plans, and government payers nationwide. Its services include benefit plan design and administration, formulary strategy and management, utilization management, specialty pharmacy and infusion services, mail-order pharmacy, and clinical programs.