Letter: CVS Executive Change Is Questionable

Dear editor,

CVS’ decision to replace its CEO with David Joyner—the former head of its Pharmacy Benefit Manager arm, CVS Caremark—is questionable given the unfair and anticompetitive practices Mr. Joyner allowed during his time there. The timing is also interesting, especially given CVS Caremark and the other two largest PBMs in the country are facing a lawsuit by the Federal Trade Commission over their role in inflating the price of insulin for diabetes patients.

PBMs like the one Mr. Joyner led for years have been leveraging anti-patient practices to throttle patient access and even refuse coverage of the medications patients need and have been prescribed by their doctors. These groups also use unfair contract terms and low reimbursement rates to force smaller, independent businesses—which PBMs view as competition—out of business entirely.

At the same time that they limit access, PBMs are also causing out-of-pocket costs to surge by refusing to share the savings they get from drug manufacturers in the form of rebates. Instead of patients being able to use these rebates to lower their costs, PBMs will siphon the savings back into their own coffers.

Mr. Joyner’s ascent to CEO should be a reminder for lawmakers in Washington that their work on PBM reform is far from finished. Congress must pass PBM reform that protects patients and ensures they receive the savings they need at the pharmacy.

Ben Orlando

Monroe, LA