CFO Intelligence Magazine – Winter 2023
Sandra Clarke
Blue Shield of California COO
Spiraling costs for specialty medications account for around half of all drug spend — but instead of just griping about the challenge, former Blue Shield of California CFO Sandra Clarke [she was promoted to COO effective October 10] led the healthcare insurer to invest in Evio Pharmacy Solutions, a Denver-based startup that utilizes a data-based approach aimed at controlling drug costs. The initial investment was made about a year ago and Clarke says she’s satisfied with the progress, but adds that the Blue Shield of California — a nonprofit health plan with more than $22 billion in annual revenue serving over 4.6 million members in the state — is in it for the long haul
A DATA-BASED APPROACH
Backed by funding from Blue Shield of California — along with Blue Cross Blue Shield of Massachusetts, Blue Cross Blue Shield of Michigan, Highmark Inc., and Independence Blue Cross — Evio is using evidence and data from real patient experiences to show how individual drugs actually perform for patients in their own context, across the drug’s indications, different patient types and combinations of other comorbidities. Through partnerships with innovative pharmacy and healthcare, technology, and analytics organizations, Evio plans to improve affordability, outcomes, and experience for patients, integrating those solutions with health plans’ existing patient services.
Clarke was uniquely qualified to lead this initiative for funding, since her 25-year-plus background includes executive-level finance positions in technology-based organizations, as well as other companies. Prior to joining Blue Shield of California in 2018, she served as senior vice president and U.S. CFO of Japan-based pharmaceutical company Daiichi Sankyo, Inc., as CFO at Philips Healthcare’s North and South America Commercial Group, and vice president and controller of finance at Siemens Water Technologies Group.
“Before we made the Evio investment, we talked to other Blue plans about the cost of drugs and how they’re continuing to work on member satisfaction,” she recalls. “We all want to further improve the experiences and outcomes of our members in a sustainable way, and we concluded that Evio’s approach aligns with our desire to use evidence-based