Our partnerships with diverse suppliers not only help us ensure that our products and services evolve to meet the needs of our customers, they also contribute to the economic growth of communities across the country.
In 2018, CVS Health’s engagement with small and diverse businesses led to over $5.5 billion in contributions to the U.S. economy, including sustaining 31,095 U.S. jobs. with a total of $2.2 billion in wages. Additionally, our spending with small and diverse suppliers totaled $2.2 billion.
Throughout 2018, we worked with thousands of small and diverse businesses across the country, including 398 owned by women, 373 owned by minorities, 124 owned by veterans and 1,667 small businesses.
In August 2018, we celebrated these partnerships by hosting the annual Billion Dollar Roundtable Summit, which recognizes companies that achieve spending of at least $1 billion with certified diverse suppliers that are primarily minority- or woman-owned.
Our Supplier Diversity Program was recognized by several leading organizations in 2018. Among those accolades, the Women’s Business Enterprise National Council named CVS Health a Top Corporation for Women’s Business Enterprises, and we were ranked tenth nationally on Diversity Inc.’s list of Top 15 Supplier Diversity Programs.
To continue the growth of our Supplier Diversity Program, we set new, ambitious spending targets for 2020:
- Increase our annual spending with Tier I diverse- and women-owned suppliers to $1.5 billion. We had met that target by the end of 2018.
- Increase our annual spending with Tier II diverse- and women-owned suppliers to $1 billion. In 2018, we increased our spending with diverse Tier II suppliers to $746 million and are on track to meet our target by the end of 2019.
Our Supplier Diversity team works between our suppliers and business units to ensure that we are maximizing the potential of the partnership on both sides, through training, education and other development programs. One of those programs is our Executive Learning Series for Diverse Suppliers, in partnership with Roger Williams University College, which helps diverse vendors gain critical management skills to expand their business relationships with CVS Health.
Additionally, our annual Supplier Diversity Ideation Session brings together CVS Health leaders from different lines of business, strategic partners, existing and potential diverse suppliers, and representatives from national minority councils to share experiences and best practices with the goal of increasing spend with diverse suppliers.
To learn more about the impacts and growth of the CVS Health Supplier Diversity Program, read the 2018 Supplier Diversity Economic Impact Report.