CVS Health Strengthens Leadership in Pharmacy and Wellness Sector

CVS Health Strengthens Leadership in Pharmacy and Wellness Sector

CVS Health® (NYSE: CVS) is making significant strides in its leadership with recent appointments designed to enhance its Pharmacy and Consumer Wellness (PCW) division. The company has proudly announced that Len Shankman will take on the role of president for PCW, where he will report directly to Prem Shah, group president of CVS Health. Alongside him, Lucille Accetta has been appointed chief pharmacy officer. Both leaders are stepping into their roles immediately.

Leadership Changes Impacting Consumer Health Services

In his new position, Shankman is tasked with overseeing operations across CVS’s extensive network of pharmacy locations, which exceeds 9,000 sites. He aims to enhance customer experience by implementing digitally-led services focused on consumer health and wellness needs.

Shankman’s journey with CVS Health began in 2002, and he has progressively advanced through various roles within the company. Notably, he served as the senior vice president and chief financial officer before this new appointment. His diverse experience, which also includes leadership in the company's Specialty Pharmacy division and Coram, CVS Specialty infusion business, equips him to lead a transformative phase for the organization. Shankman's earlier experience as a U.S. Navy member has also shaped his strategic mindset.

Strategic Vision from Leadership

David Joyner, president and CEO of CVS Health, expressed confidence in Shankman’s capabilities. He stated, "Len has a deep knowledge of our Pharmacy and Consumer Wellness business and our company, and his focus on strategy execution, operational strength, and financial performance will help us continue to lead in the market." Joyner further emphasized that Shankman’s leadership will reinforce CVS Pharmacy as a crucial resource for communities.

Accetta's Role in Advocating Pharmacy Excellence

On the other hand, Lucille Accetta, with her wealth of experience and passion for pharmacy care, will work to assert the vital role of pharmacists in the healthcare system. She is responsible for aligning the pharmacy services of CVS Health, ensuring a cohesive approach across various pharmacy operations, including Specialty Pharmacy, Coram, and Omnicare.

Since joining CVS Health in 2017, Accetta has made an impact within her roles in Specialty Pharmacy. Before her tenure at CVS, she garnered extensive industry experience at Teva Pharmaceuticals, Express Scripts, and Medco, enhancing her expertise in patient services and clinical operations.

Focus on Patient-Centric Care

Joyner praised Accetta for her leadership, stating, "Our specialty pharmacy is entrusted with the care of people who are facing challenging and complex diagnoses, and Lucille leads with heart, driving the operational excellence our patients deserve along with instilling in our team an unwavering focus on caring for patients." Her dedication positions her ideally to represent the pharmacy profession.

Recent Business Performance Highlights

Incorporating such strategic leadership is essential as CVS Health tracks positive trends in its Pharmacy and Consumer Wellness sector. Several performance indicators were shared during the latest earnings call, illustrating the department's growth.

• Recent efforts demonstrate strong execution and the benefits of strategic investments in both workforce efficiency and innovative workflows.
• CVS Health has achieved a record high retail pharmacy prescription share of 27.3 percent.
• The company is progressing towards the CVS CostVantage model, with agreements covering over half of its total commercial prescriptions.

About CVS Health

CVS Health is dedicated to creating a comprehensive health solutions framework tailored for the individual consumer. Spanning a diverse array of services, CVS Health operates over 9,000 retail outlets and more than 900 walk-in medical clinics. The company is also a prominent pharmacy benefits manager catering to approximately 90 million plan members. Through its personalized health services, CVS Health is committed to improving health outcomes and reducing healthcare costs through innovative technology-driven care delivery.

Frequently Asked Questions

Who has been appointed president of Pharmacy and Consumer Wellness at CVS Health?

Len Shankman has been appointed president of Pharmacy and Consumer Wellness at CVS Health.

What is Lucille Accetta's role at CVS Health?

Lucille Accetta serves as the chief pharmacy officer at CVS Health, advocating for the role of pharmacists and overseeing various pharmacy operations.

How many retail locations does CVS Health operate?

CVS Health operates over 9,000 retail locations across the country.

What recent performance metrics did CVS Health highlight?

CVS Health indicated a record high retail pharmacy prescription share of 27.3 percent and a transition towards the CVS CostVantage model.

What does CVS Health aim to achieve through its services?

CVS Health aims to enhance health outcomes, reduce healthcare costs, and provide personalized, technology-driven care solutions to its consumers.

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