March 20, 2018 / 9:18 PM / a year ago

CVS appoints former Eli Lilly CFO as president of PBM business

March 20 (Reuters) - Drugstore operator chain CVS Health Corp said it had hired former Eli Lilly Chief Financial Officer Derica Rice as the president of its pharmacy benefit management (PBM) business.

CVS is in the process of closing its $69 billion acquisition of Aetna Inc as it works to tackle soaring healthcare spending.

"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 ... lowering total health care costs," CVS's Chief Operating Officer Jon Roberts said.

Rice, who was with Eli Lilly for 27 years, would join CVS on March 30. (Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta)

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