Derica Rice Joining CVS

(Image courtesy of Eli Lilly and Co.)

The former chief financial officer of Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has been named president of CVS Caremark. Derica Rice, who spent 27 years with Lilly, will take the helm of CVS Health Corp.’s (NYSE: CVS) pharmacy benefit management business next week.

Rice’s experience at Lilly included roles as CFO, executive vice president of global services, CFO of Lilly Canada and the company’s European operations, general manager of Lilly’s affiliate in the United Kingdom and controller.

CVS Chief Operating Officer Jon Roberts says "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. 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 was a key voice for Lilly when the company returned from a so-called YZ period that involved patent expiration of multiple treatments in its pipeline and the subsequent rebuilding of its potential portfolio in recent years. Lilly announced his retirement about a year ago.