Having joined the company just this February, current EmpiRx Health President Danny Sanchez will take over the chief executive officer position, the Montvale company announced June 1.
Sanchez succeeds Karthik Ganesh, who had served as president and then as CEO of EmpiRx Health for the past five years. The company – a value-based pharmacy benefits manager – said the move is part of a planned transition.
“Despite our incredible growth and business results over the years, we have never lost sight of the fact that we are a health care company first,” Ganesh said in a statement. “I have immense confidence in Danny’s ability to not just drive exponential growth, but to also stay true to EmpiRx Health’s core mission of improving our corner of health care, one patient and one client at time.”
Before joining EmpiRx, Sanchez worked for more than 18 years at Omnicell, including serving as senior vice president and general manager of its EnlivenHealth division, which builds digital technology solutions for the retail pharmacy industry.
At the same time Sanchez came on board this year, EmpiRx also announced that it reached a milestone: having saved its clients more than $1 billion in less than nine years.
On average, new clients see a 15% reduction in per-member, per-month costs, according to the company.
“EmpiRx Health maintains a Clinical Savings Tracker for each client, which provides a 100% auditable inventory of every dollar saved,” a company representative explained to NJBIZ at that time. “The report validates the efficacy of the therapeutic switches, the value of each conversion, and is fully auditable on a member- and claims-level basis,” and the $1 billion in clinical savings generated was calculated based on unreconciled and reconciled numbers.
In thanking Ganesh for his work, Sanchez said this is a “historic moment” for the company.
“I have been so impressed with how EmpiRx Health has successfully transformed the PBM industry for the benefit of clients and their employee populations nationwide and as CEO, I am thrilled to further our company mission to revolutionize the healthcare benefits industry.”
In a LinkedIn post, Sanchez said he was “excited and humbled … to begin this next chapter.”
Founded in 2014, EmpiRx Health says it is the only pay-for-performance and clinical-first model value-based pharmacy benefits manager in the industry.