1. How many people work at Red Oak?
Approximately 50 people currently work at Red Oak. We’re a young and growing company that enjoys the best of both worlds: the energy and excitement you’d expect in a small company and the resources and financial backing of two healthcare giants.
2. What kind of company is Red Oak?
Red Oak is one of the largest sourcers of generic drugs in the U.S. We have:
- A winning business model. We’re the best at what we do. In a complex environment, we offer simplicity, transparency, responsiveness and innovation
- An accelerated learning environment. We like to say you get two years of experience for every year you’re here.
- A strong coaching culture. We are committed to growing and developing our people.
Red Oak encourages a casual dress environment and fosters a more collaborative and open atmosphere. Our kitchen is always stocked with free snacks and beverages and we frequently sponsor breakfasts and lunches. It’s a fun, unpredictable and exciting place to work.
3. Red Oak Sourcing is a Joint Venture (JV) between CVS Health and Cardinal Health. What are the details of this partnership?
Red Oak is a 50/50 stand-alone JV between CVS Health and Cardinal Health. We are responsible for securing the generic drug portfolios for both companies.
- Red Oak was created to help both companies curb costs for generics and take full advantage of new generic drug introductions.
- Red Oak negotiates generic drug supply contracts on behalf of both companies and is responsible for securing billions of dollars of pharmaceutical products.
- Red Oak also helps CVS Health and Cardinal Health improve purchasing practices and drive down overall costs.
4. What is the future of Red Oak?
While the JV began as a 10-year deal, generic drugs are critical to the healthcare industry and to both parent companies. There is an increasing reliance on prescription generic drugs, because generic substitution remains one of the best ways to save money. Did you know…?
- Over 194 million Americans rely on generic drugs for their health and wellbeing.
- Tens of millions of those Americans rely on CVS Health and Cardinal Health for their generic drug needs.
- Cardinal Health and CVS Health rely on Red Oak.
- Red Oak relies on an elite team to make sure low-cost generic drugs are available when needed.
“There is little doubt that generic drugs will continue to be a significant lever in holding down prescription drug costs. We see this JV as a long-term driver of value for CVS Health, our manufacturing partners and, of course, our customers.” Larry Merlo, CEO of CVS Health
“Red Oak drives considerable value for our customers and shareholders. Generic drugs are a critical element of patient care. Red Oak’s pioneering approach to generic sourcing ensures that we are able to offer cost-effective, life-saving therapies to our customers so they can care for their patients. I continue to be impressed with the talent, strategies and execution of the Red Oak Sourcing team and appreciate their partnership.” Mike Kaufmann, CEO of Cardinal Health
5. How does Red Oak differ from its competitors?
Traditional sourcing organizations focus on driving incremental cost savings through annual contract renegotiations and request for proposal (RFP) processes. Red Oak takes a real-time, active approach to managing pharmaceutical supply. We recognize that the generic drug market is dynamic, so we are continuously looking for opportunities to optimize pricing and supply. Other ways we’re different?
- We utilize the best program, top talent and we build true supplier partnerships.
- We respect and are responsive to our supplier partners.
- We negotiate with both short- and long-term supply in mind to ensure affordable, reliable supply today and tomorrow.
- We do this for the millions of people who rely on generic drugs, many of whom are family, friends and neighbors.
6. Where is Red Oak located and what is it like to live there?
Red Oak is located at 2 Hampshire Street in Foxborough, MA. The location is less than 30 miles from Boston, MA., and 25 miles from Providence, RI. Red Oak employees work in Foxborough and live anywhere from Boston to south of Providence and all points in between.
Foxborough is a small town with big amenities. It is home to Patriot Place and Gillette Stadium. Its close proximity to Cape Cod, Newport, Vermont and New Hampshire means you can enjoy the beach, the mountains, skiing, hiking and much more. Boston is just a short train trip away, so it’s easy to enjoy its rich history, museums, restaurants and open markets.
7. Are there opportunities for advancement at Red Oak?
When you work at Red Oak, if you want to do something, you can do it. You just need to show the initiative and that you’re capable. There is opportunity to:
- Help shape the business. You can make an impact and make a difference.
- Work with world-class colleagues. Learn from a great mix of talent from both parent companies and many different industries.
- Gain experience outside your area of expertise. You can participate in cross-functional initiatives.
8. How will Red Oak help me in my career?
You get the best of both worlds at Red Oak. It’s a small company, so you get a lot of hands-on experience and direct exposure to leadership at Red Oak, CVS Health and Cardinal Health. In addition, you will get to see how the pharmaceutical market works from many different angles (e.g., supply and buy sides, wholesale and retail). At the same time, you have access to some of the same training programs offered by our parent companies, allowing you to:
- Hone your leadership skills
- Polish your presentation skills
- Refine your communication skills
- And more
9. Are there opportunities to work with the parent companies?
While we hope everyone who comes to Red Oak stays for the long haul, we recognize that interests and needs may change. We have and will continue to encourage employees to explore opportunities with both CVS Health and Cardinal Health. While working at Red Oak you will have opportunities to interact with leaders in both companies.
10. What does it take to succeed at Red Oak?
Our goal is to make a difference every day by improving the affordability and accessibility of every product in our pharmaceutical portfolio. The people who do well at Red Oak are:
- Hungry to make a difference
- Curious to find new and better ways forward
- Committed to the team and to the cause
- Collaborative – we succeed together
11. What is your benefits package?
Red Oak is not only a great place to work, we have a very competitive compensation and benefits package. Benefits include health, dental, vision, life insurance, disability, 401(k), company-paid holidays and paid time off, in addition to other benefits. Our 401(k) is a dollar for dollar company contribution up to 5%. We also offer a deferred compensation plan for many employees.