CVS CVS Health Corporation

By Colin Kellaher

CVS Health Corp. on Wednesday said it plans to invest nearly $600 million over the next five years to advance employee, community and public-policy initiatives that address racial inequality in the U.S.

The Woonsocket, R.I., healthcare-services giant said the investment will focus on improving employee experience, supporting the communities it serves and influencing public policy.

CVS said it plans to use its position to advocate for public policy that addresses the root causes of systemic inequalities and barriers, including efforts to address socioeconomic status, education and access to health care.

"The private sector must take action to get to the heart of institutional racism," CVS President and Chief Executive Larry Merlo said in a statement. "As we learn from the perspectives of our Black colleagues and the diverse communities we serve, we'll use that input to inform our advocacy agenda going forward."

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 08, 2020 11:31 ET (15:31 GMT)

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