CVS Health is planning a major shake-up that would split the company into two separate businesses, separating its well-known retail pharmacies from its health insurance and healthcare services operations.

The company announced the plan Wednesday, Nov. 4, saying the move is intended to give each business more focus and flexibility as it works to make healthcare more affordable and accessible.

Under the proposed plan, one company would focus on healthcare services and insurance, while the other would operate CVS's nearly 9,000 retail pharmacy locations across the country.