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CVS Health has seen better days. Its stock is down 19% for the year, and following the announcement of CEO Karen Lynch’s departure, the market didn’t respond kindly to her replacement either—causing the stock to drop another 5% in a single day.
The writing was on the wall for Lynch’s exit, as CVS has faced increasing challenges from regulatory pressures and an evolving healthcare landscape. But what’s not surprising to me is her replacement: David Joyner, the former head of CVS’s Pharmacy Benefit Manager (PBM), Caremark.
If you’ve followed my content before, you’ve probably heard me discuss the influence PBMs wield in the healthcare system. PBMs are the middlemen that manage pharmacy benefits for insurance companies. They determine which medications are covered, how much patients pay, and what pharmacies are reimbursed. PBMs essentially sit at the center of the healthcare universe with their hands on the levers of cost and access, often operating in a way that most consumers never see.
It’s no shock that CVS has chosen someone from their PBM division to steer the ship. After all, the growth of PBMs has been a major driver of profit for companies like CVS. However, I’m not convinced Joyner had a significant individual impact on the overall success of PBMs. The real reason PBMs have grown so powerful is tied to a broken system: 90% of Americans are handing over about $1,000 each month to their insurance plans, with zero visibility into where that money is going or how much their healthcare really costs. This lack of transparency has allowed PBMs to grow unchecked, driven by profit rather than patient care.
That’s where we at Forest Park Pharmacy take a stand. We believe in fair, transparent pricing that puts patients first. If you’re tired of paying into a system without knowing what your healthcare really costs, visit our website. Use our price checker and see if we can save you money.
Healthcare doesn’t have to be a mystery. Let’s change that—together.