Healthcare giant CVS Health has called a U.S. agency review.
The review spans CVS Health’s creative, branding, data and CRM accounts, but does not include media, according to sources. CVS Health consolidated its $159 million media account with UM in 2019.
The account includes health insurance company Aetna, which CVS Health acquired for $70 billion in 2018, as well as prescription benefit business CVS Caremark.
CVS put out an RFP to five holding companies, including WPP, Publicis Groupe, IPG and Omnicom. Pitch consultant Roth Ryan Hayes is running the review, which is expected to wrap in three months time.
CVS did not reply to requests for comment in time for publication.
For IPG, the win would be an opportunity to consolidate CVS Health’s entire business in its portfolio, across creative, media and technology. CVS Health has been working with Omnicom’s BBDO as its lead creative agency since 2014, and also works with Publicis Groupe’s Digitas and independent agency Matter.
Sources estimate the account is worth about $30 to $50 million in agency fees alone.
The review kicks off roughly six months after Michelle Peluso joined CVS Health as the company’s first chief customer officer, with a mandate to transform the customer experience with a focus on digital strategy. Peluso was previously CMO at IBM and has held a mix of marketing and CEO roles at major brands including Gilt, Citi and Travelocity.
CVS Health would be a coveted account for any agency, given the boom in healthcare marketing since the outbreak of the COVID-19 pandemic. Earlier in July, IPG merged McCann Health and FCB Health to create the larger IPG Health Network, an indicator of larger opportunity in the space.
CVS Health has been pivotal to the vaccine rollout in the U.S. The company surpassed 10 million vaccine doses administered in April. In 2020, revenues at CVS grew 4.6% year over year to $268.7 billion.