Thomas Moriarty | CVS Health Corp., chief policy & external affairs officer and general counsel
Americans know health care is a complicated and challenging topic that touches everyone. Whether influencing insurance policy, battling the opioid-abuse epidemic or working to lower prescription drug costs, Woonsocket-based CVS Health Corp. has placed itself at the forefront of the most critical issues.
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Leading the charge in a unique role is Thomas Moriarty, who joined the company in 2012. His title grew in March when CEO and President Larry J. Merlo appointed him to a newly created position, executive vice president, chief policy & external affairs officer – in addition to his role as general counsel.
“Tom’s new role will deliver an integrated approach to policy development and external engagement,” Merlo said in an email. “As we work to navigate the changes in health care and policy over the next few years, I am pleased to have Tom leading this effort.”
CVS Health is the largest provider of prescription drugs in the United States, has more than 9,700 stores across the country and in Puerto Rico and Brazil, more than 1,100 walk-in clinics, nearly 90 million members on its pharmacy-benefits plan, and it is one of the largest employers in Rhode Island. Being a force of innovation while managing the “ever-changing legislative and regulatory landscape,” CVS felt a need to “refine its approach to public policy and communications,” the company said, and looked to Moriarty to guide that move.
“Given the scope of the company, you have to have vision and you have to be nimble,” Moriarty said in an email. “Today, politics [is] a 24/7, 365-day, per-year contest, and businesses must engage accordingly. … So we need to be able to anticipate and see issues that loom around the corner, and be nimble enough to engage and be responsive to those issues at every level of government, rapidly and strategically. This is a challenging part of my work, but it is also energizing.”
The company credits Moriarty with combining his skills and experience to integrate law, strategy and corporate development to help differentiate CVS by guiding its $12.7 billion acquisition of Omnicare – a pharmacy-services provider to long-term care facilities – and $1.9 billion partnership with Target – taking over operation of the superstore’s 1,600 in-house pharmacies and 20 clinics – in 2015. He leads a team of more than 100 lawyers that help advance CVS’ public-policy objectives while also teaching the different business units about all overlapping aspects of the industry. Moriarty said CVS can help shape health care for the better.
“It’s an incredibly exciting time in health care, and the role we play in shaping public policy to improve the health care landscape for our patients, for our communities and for our country – in terms of patient care and strengthening the delivery system – is what truly energizes me and my team,” Moriarty said.
Moriarty’s team also works to educate policymakers and their staff on industry issues, from prescription drug costs to problems with abuse. Working closely with lawmakers, law enforcement and community advocates, for example, CVS helped develop appropriate programs and change state regulations so that opioid overdose-reversal medication is available without a prescription at all CVS Pharmacy locations across 41 states.
“When an issue [such as] prescription opioid abuse reaches epidemic proportions in the U.S., there is a role for our company to play,” Moriarty said. “By giving more people a chance to get the help they need for recovery, we are helping to save lives and lead in the fight against drug abuse and addiction.”
CVS also is working on cost issues. For instance, the company has launched its own lowest-market-cost generic epinephrine auto-injector to battle the high costs of the brand-name drug by EpiPen. It also launched Reduced Rx, a prescription cost-savings program that will offer discounts on certain medications through CVS Caremark.
“No single solution will solve the problem,” Moriarty said, “but every player in the health care system, including CVS Health, has a role to play.”
