CVS splitting into two companies, bucking trend toward mergers in healthcare industry

CVS Health announced on Wednesday it's splitting into two companies. 

The breakup bucks the trend of healthcare companies merging into major conglomerates, including insurers, pharmacy benefit managers and providers. 

In 2007, CVS merged with Caremark, a company that handles prescription benefits for people with health insurance. Then in 2018, CVS acquired Aetna for $69 billion, CNN reported. 

The ongoing consolidation has raised concern among consumer advocates and lawmakers who argue the mergers grant companies too much control over the sector, which drives up costs for patients. 

The CVS split will have little impact on people who shop at CVS outlets, as no closures were mentioned in the announcement on the breakup, and it shouldn't affect how patients pay for prescriptions. The separation is expected to be complete in early 2028.