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CVS (CVS) hired Derica Rice, a former Eli Lilly (LLY) finance chief to run its Caremark pharmacy benefit business, The Wall Street Journal reports. This is the second time this month that a large pharmacy benefit manager hired a former pharma executive to run operations. Last week, Optum, the pharmacy benefit manager owned by UnitedHealthcare, hired former GlaxoSmithKline chief executive Andrew Witty. Rice will succeed Jonathan Roberts, who was promoted last year to chief operating officer at CVS Health.

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  • Slicing 20% off a pharma budget is no sweat. If my boss asked me to do it at 9 am it would be done by lunch time, including a coffee break and a trip to the bathroom.

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