Former Lilly CFO to head CVS Caremark     

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Former Lilly CFO to head CVS Caremark     

CVS Health’s pharmacy benefits manager division CVS Caremark has new leadership. The Woonsocket, R.I.-based company named Derica Rice, most recently Eli Lilly’s CFO, to the role of CVS Caremark president, effective March 30.

In his role at CVS Health, Rice will oversee the PBM business, including operations, mail service pharmacy, specialty pharmacy and sales and account management. He also will focus on pushing the PBM's strategy by maintaining client relationships and developing new business.

“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,” CVS Health COO  Jon Roberts said. “We believe Derica is a great addition to our team, and 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 joins the company as CVS Health pursues its $69 billion acquisition of health insurer Aetna, and as companies increasingly look to PBM-based solutions to curb rising healthcare spend. Rice had been with Lilly since 1990 when he retired from the CFO post in December 2017. In his 27 years there, he worked his way up the ladder through various finance and operations roles. He was named CFO in 2006.

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