WOONSOCKET – CVS Health Corp. has announced Derica W. Rice, recently retired Eli Lilly chief financial officer, as the new president of CVS Caremark, the company’s pharmacy benefit-management business, starting March 30.
Rice will have day-to-day leadership and oversight of the CVS Caremark including sales and account management, operations, mail service pharmacy and specialty pharmacy. He will also focus on driving strategy, new business development and client-relationship management and retention, according to a CVS announcement.
Rhode Island small business sees significant annual energy savings
The Rhode Island Energy Small Business Program offers significant incentives to property owners for comprehensive…
Learn More
Rice most recently served as executive vice president of global services and chief financial officer at global pharmacuetical company Eli Lilly, retiring in June 2017 after 27 years with the company. 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 chief financial officer of European operations; and as Eli Lilly’s vice president and controller.
David A. Ricks, Lilly’s chairman, president and CEO, praised Rice on his performance as CFO of the company during the previous 11 years in a statement announcing Rice’s retirement in June.
“Derica has been a core part of Lilly’s turnaround, our innovation strategy and our consistent ability to set and then meet targets and commitments. His personal integrity and commitment to our company has been unwavering,” Ricks said.
Rice earned his master’s degree in business administration from Indiana University and a bachelor’s degree in electrical engineering from Kettering University. He was named among the “100 Most Powerful Executives in Corporate America” by Black Enterprise Magazine in 2009.
The announcement comes as CVS Health and Aetna Inc. pursue a proposed merger of the retail pharmacy and benefits manager with the recent approval of shareholders of both companies. The merger is pending review by the Department of Justice.
“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, chief operating officer of CVS Health. Roberts, the previous president of CVS Caremark, was named COO for CVS Health in March of 2017. “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.”
Rob Borkowski is a PBN staff writer. Email him at Borkowski@PBN.com.
