CVS Health taps Cowhey as permanent CFO
05 Jan 2024
Executive ChangeAcquisition
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Source: FierceHealthcare
In more CVS Health news, the company's pharmacy benefit manager, Caremark, announced that it would make several adjustments to its formularies to support the uptake of biosimilars.
CVS Health has named Tom Cowhey, its interim chief financial officer, to the role permanently.
Cowhey stepped into the role of interim CFO in October when the healthcare giant announced that Shawn Guertin would take a leave of absence for family health reasons. Guertin will be stepping down and will remain on leave before departing CVS on May 31, the company said.
Alongside naming Cowhey full-time CFO, CVS said that Mike Pykosz, the CEO of Oak Street Health and interim leader of the health delivery business, will also make that transition permanent.
“We are fortunate to have someone of Tom's caliber and experience already within CVS Health today and ready to take on the role," CEO Karen Lynch said in a press release. "His experience in health care is deep and broad, and he will drive continuity for our strategy and delivering on our commitments."
“Mike is a natural fit to lead the execution of our healthcare delivery strategy," Lynch added. "There is real innovation and value to be unlocked as Mike unifies our clinic-based and home health assets. The Board and I are fully confident in Tom and Mike.”
Cowhey joined the team at CVS Health in 2022 after serving as the CFO of Surgery Partners, Inc. He previously spent more than ten years on the Aetna team, working in multiple strategy and finance-focused roles. As CFO, he will work closely with Lynch and the rest of the executive team around financial strategy, investor relations and more.
Pykosz came into the fold as part of CVS' acquisition of Oak Street Health, which closed in May 2023. His time with CVS has focused on continuing to manage Oak Street while also consolidating the company's care delivery businesses.
Caremark rolls out formulary changes to support biosimilars
In more CVS Health news, the company's pharmacy benefit manager, Caremark, announced that it would make several adjustments to its formularies to support the uptake of biosimilars. Humira, the most popular branded drug in the U.S., will be removed from its national commercial template formularies and replaced with biosimilar products.
Humira will remain an option for clients who have the Choice or Standard Opt Out formularies, CVS said.
PBMs have underscored biosimilars as holding significant promise in driving down the cost of high-price, branded products that otherwise lack competition.
“We are committed to accelerating the adoption of biosimilars and providing customer choice alongside a seamless member experience,” said David Joyner, executive vice president, CVS Health and president of CVS Caremark, in a press release. “Our customers want to have choices."
"By preferring biosimilars that have a significantly lower list price than their reference product, CVS Caremark is putting our customers in the driver’s seat to best meet the health care needs of their members and lower drug costs," Joyner said.
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