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Civica, the hospital-backed generic pharmaceutical company, named Ned McCoy as its new CEO on Tuesday.\u00a0<\/p>\n
McCoy is the company\u2019s chief operating officer and will take over from current CEO, Martin VanTrieste on June 1. VanTrieste will stay on as an advisor to Civica and remain on its board of directors. As part of the transition, McCoy will join the board of directors.\u00a0<\/p>\n
McCoy has been with Civica since its formation in 2018. He has overseen the development of the company\u2019s essential medicines manufacturing facility in Petersburg, Virginia, which is expected to open in 2024. He also helped Civica sign manufacturing deals for over 60 sterile injectable medications, which were delivered to its health system members.\u00a0<\/p>\n
Before Civica, McCoy worked at pharma giant Abbott\u00a0for 32 years where he was a senior-level director in strategy.\u00a0<\/p>\n
\u201cI am honored to serve as the next CEO of Civica and continue our pivotal work of delivering quality generic medications that are available and affordable to everyone,\u201d McCoy said in a statement.\u00a0<\/p>\n
VanTrieste was Civica\u2019s first-ever CEO. The long-time Amgen executive was named one of Modern Healthcare\u2019s Most Influential People in 2021 for his work in growing the generic pharmaceutical company\u2019s membership base. Civica has 50 health systems members, representing more than 1,200 hospitals across the U.S. It also added insurer Anthem in 2021.<\/p>\n
\u201cMartin\u2019s decision to come out of retirement four years ago to help us shape and launch Civica was critical to bringing together diverse stakeholders to create a more reliable and affordable approach to generic medicines,\u201d Dan Liljenquist, chairman of Civica’s board of directors, said in a statement.<\/p>\n
Civica recently said it plans to produce insulin that will be available at lower prices. The company reached a co-development and commercial agreement with GeneSys Biologics to create three insulin biosimilars, glargine, lispro and aspart, which are interchangeable with Lantus, Humalog and Novolog.<\/p>\n<\/div>\n