CVS pharmacy and Walgreens store signs. Photos: Diego M. Radzinschi/ALM
Ed DeVaney, a longtime CVS Health® official, is the new president of the Woonsocket, R.I.-based company’s CVS Caremark® pharmacy benefit management business. He previously was named interim president in December 2024.
“Ed’s ability to build and grow a strong team culture, while prioritizing talent development, leads to strong business results,” CVS Health president and CEO David Joyner said in a statement. “His commitment shows every day in his deep understanding of our industry, his advocacy for our business, and a proven track record of anticipating and solving client needs.”
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“I am honored to take on this role and to work with our dedicated colleagues who are focused on making prescription drugs more affordable and delivering better care to everyone we are privileged to serve,” added DeVaney. “The role of PBMs has never been more critical in achieving affordability and access to medicine in our country, and our drive to greater drug pricing transparency through innovation has never been more needed.”
A pair of antitrust lawsuits filed in December accused CVS Caremark and other PBMs of price-fixing prescription drug reimbursement rates.
DeVaney joined CVS Health in 2005, growing his career across CVS Caremark and Aetna, and most recently leading CVS Caremark sales and account management as president of Employer & Health Plans, where he was responsible for growing and retaining a customer base across the PBM’s lines of business. Before joining CVS Health, DeVaney managed client relationships at Hewitt Associates, focusing on health care consulting and benefits administration.
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