TWINSBURG, Ohio--(BUSINESS WIRE)--Envision Pharmaceutical Services (EnvisionRxOptions), a national, full‐service pharmacy benefit management (PBM) company, today announced that it has hired Frank Sheehy as its new Chief Executive Officer.
Sheehy, 51, brings deep experience in the pharmaceutical and healthcare industries. Most recently, he was president of Accredo Health, Medco's Specialty Pharmacy Business, and served as a member of Medco's Executive Committee. Prior to serving as president of Accredo, Sheehy held several senior positions at Medco. He also previously held senior executive and sales positions with Aetna and US Healthcare. He holds an MBA from Northwestern University’s Kellogg School of Business, and a BA from SUNY Oswego.
Sheehy replaces former CEO and company co-founder Kevin Nagle, who will now become Vice Chairman of Envision and will remain an active executive and on the Envision Board of Directors.
“Frank is a proven operator and leader with deep industry insights. We expect him to build on Envision’s momentum and to help deliver the value originally foreseen by Envision’s founders and subsequently validated by TPG,” said Sharad Mansukani, Chairman of Envision.
“Envision's unique, innovative, transparent business model delivers strong value in providing significant savings, thereby ensuring our clients meet their pharmacy benefit objectives,” said Sheehy. “I'm excited to join Envision and to work with the founders, the Board, and the management team. The company has had great success, and the founders have built an incredible platform. I am pleased to have the opportunity to build upon this foundation, and I’m very enthusiastic about our potential.”
“I and Envision’s co-founders, Barry Katz and James Mindala, were impressed with Frank’s experience, and are excited about what he brings to our company,” said Kevin Nagle, Vice Chairman of Envision. “On behalf of the company’s founders, I welcome Frank, and look forward to working with him to accelerate the continued growth of our products and services.”
Envision was acquired by TPG in November 2013.
About Envision Pharmaceutical Services
Established in 2001, Envision Pharmaceutical Services (EnvisionRxOptions) is a national, full-service pharmacy benefit management (PBM) company. The company is part of a group of healthcare management companies owned and operated by Envision Pharmaceutical Holdings, Inc. (EPH), a privately held company with consolidated revenues in excess of $3.5 billion. EPH subsidiaries include Envision Insurance Company, a fully insured provider of Medicare Part D Plans, Envision Medical Solutions, Inc., an administrator of prescription savings plans and Prescription Savings Cards, Orchard Pharmaceutical Services, Inc., a full-service mail-order and specialty drug pharmacy, and Design Rx, the market leader in pharmacy services for infertility and fertility. Envision Pharmaceutical Services, Inc. was founded on a commitment to provide full transparency and disclosure in the PBM marketplace. The Company has been awarded the Utilization Review Accreditation Commission (URAC) accreditations for PBM and Drug Therapy Management annually since 2007. Envision is headquartered in Twinsburg, OH, with offices in Fort Lauderdale, FL; Tampa, FL; Canton, OH; El Dorado Hills, CA; and Ogden, UT. For more information about Envision visit www.envisionrx.com or call 800-361-4542.
TPG is a leading global private investment firm founded in 1992 with $55.7 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s well‐known investments in the healthcare sector include Aptalis Pharma, Biomet, Fenwal, Healthscope, IASIS Healthcare, Immucor, IMS Health, Oxford Health Plans, Par Pharmaceutical, Quintiles Transnational and Surgical Care Affiliates, among others. For more information visit www.tpg.com.