CVS Health has named Ed DeVaney president of its pharmacy benefit manager CVS Caremark.
DeVaney has served as interim president of CVS Health's PBM unit since December and has worked with the company for two decades. He was responsible for growing and retaining CVS Caremark’s business as president of employer and health plans before taking the role of interim president, the company said in a news release Monday.
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David Joyner, who had served as the PBM’s president, was named CVS Health President and CEO in October.
DeVaney’s promotion is the latest leadership shakeup at CVS Health as the company embarks on a multi-year turnaround plan to rein in cost pressures. In 2024, full-year earnings fell 45.2% to nearly $4.6 billion while revenue rose 4.2% to $372.8 billion.
The largest PBMs, including CVS Caremark, Cigna subsidiary Express Scripts and UnitedHealth Group division OptumRx, manage nearly 60% of the pharmacy benefits market based on their control over rebate negotiations, retail network management and claims adjudication, according to the American Medical Association. The companies have faced scrutiny from federal and state lawmakers and regulators for their influence over drug prices.
CVS Caremark has launched transparency programs TrueCost and CostVantage to heed calls from pharmacy, employer and health plan clients for greater insight into drug costs.
