CVS Health announced March 20 that Derica Rice is joining the company as president of CVS Caremark, the company’s pharmacy benefit management (PBM) business.
As of March 30, Rice will have day-to-day leadership and oversight of the PBM business, including sales and account management, operations, and mail service pharmacy and specialty pharmacy. Rice also will focus on driving PBM strategy, new business development, and client relationship management and retention.
“Our PBM clients and the members they serve are asking for innovation, especially around value-based reimbursement models and the role pharmacy can play in improving health outcomes and lowering total health care costs,” said Jon Roberts, COO of CVS Health in Woonsocket, Rhode Island. “The experience he brings with regard to innovation in these value-based models in particular will help us continue to serve our clients’ needs while also developing and delivering innovative solutions and offerings.”
Rice brings nearly 30 years of experience as a health care executive. Rice previously worked at Eli Lilly and Co., where he most recently served as EVP of global services and CFO. During his 27-year career at Lilly, Rice was a key player in helping to drive the company’s innovation strategy and held numerous roles in finance and operations, including chief financial officer for Lilly Canada, general manager of Lilly’s U.K. affiliate, executive director and CFO of European operations and as Eli Lilly’s VP and controller, the company said.
Rice earned his master’s degree in business administration from Indiana University and a bachelor’s degree in electrical engineering from Kettering University.
CVS Health has more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a pharmacy benefits management plan with more than 94 million plan members, a dedicated senior pharmacy care business serving more than 1 million patients per year, expanding specialty pharmacy services and a stand-alone Medicare Part D prescription drug plan.