RxAdvance, a full service Pharmacy Benefits Management company, announced Oscar Salazar, co-founder of Uber, and Walter Jin, founder of Carlyle Healthcare Group, have invested in Series-A funding round and join the RxAdvance board. The company did not disclose the amount.
A noted Indian-origin entrepreneur, Ravi Ika founded RxAdvance in 2013 and serves as president and chief executive officer of the company. He launched RxAdvance to lower pharmacy, specialty and avoidable drug-impacted medical costs and achieve better outcomes, quality and compliance in the new era of value-based health care.
In addition Ika, there are several Indian-Americans in the top executive positions at the company. They include Anand Tati, Chief Operating Officer; Prakash Tallabattula, Executive Vice President and Chief Technology Officer; Madu Narahari, Executive Vice President, Implementations; and Bijendra Malik, Executive Vice President and Chief Security Officer.
Oscar Salazar is a co-founder of Pager, an innovative on-demand healthcare service that utilizes a mobile patient engagement platform to connect patients with the right type of care. Prior to Pager, Oscar was a founding partner and Chief Technology Officer of Uber.
Walter Jin was the co-founder of The Healthcare Group at The Carlyle Group. Walter currently serves as the Executive Chairman of Pager and has over 20 years of investment and operational experience in the healthcare sector. Walter is the co-founder of Three Fields Capital and Pacific Healthcare Management, which manage a portfolio of private equity and venture capital healthcare investments. Walter is a graduate of Harvard University and currently serves as an Executive in Residence at Johns Hopkins Medicine and an Innovation Fellows Technical Advisor to the U.S. Department of Health and Human Services.
"In the recent years, several successful Silicon Valley entrepreneurs and blue chip companies have entered the healthcare vertical to disrupt and transform, in vain. This lack of success can be attributed to the absence of substantial business and revenue models, disruptive service offerings, and a proven track record in the complex healthcare eco-system,” says John Sculley, former Apple CEO and Vice Chairman of RxAdvance. John continues, “What impressed me about Ravi and his team at RxAdvance is that they have all the essential components for success - a widely proven and successful revenue model, a solid platform and innovative thinking, a proven track record, and deep healthcare domain expertise capable of disrupting traditional paradigms throughout the care continuum. Through its innovative Collaborative PBM Cloud™, RxAdvance is challenging large incumbent PBMs by disrupting their decades-old business and revenue models, and their risk-sharing models are unheard of in the PBM market.” John concludes, “I believe this model will pave the path for new entrants from Silicon Valley. Oscar and Walter’s participation is a great testament to the proven model established by RxAdvance."
“We are honored to have two of the leading minds in disruptive technology and business as our investment partners and board members. We at RxAdvance feel that their high-tech experience and guidance will help to transform the $770 billion PBM and associated avoidable drug-impacted medical spend that is long overdue for innovation,” says Ravi Ika, President & CEO of RxAdvance.
Prior to RxAdvance, more than a decade ago, Ravi founded IkaSystems. Through the ikaEnterprise platform, Ravi was able to reduce administrative costs for Payers by 50% while improving transparency between Payers and Providers. These results enabled ikaSystems to raise over $140M capital from Providence Equity, the sixth largest private equity firm. Over the years, the healthcare industry has come to rely on Ravi's vision of how innovative technology can radically change the way it collects, shares and uses information.
A noted Indian-origin entrepreneur, Ravi Ika founded RxAdvance in 2013 and serves as president and chief executive officer of the company. He launched RxAdvance to lower pharmacy, specialty and avoidable drug-impacted medical costs and achieve better outcomes, quality and compliance in the new era of value-based health care.
In addition Ika, there are several Indian-Americans in the top executive positions at the company. They include Anand Tati, Chief Operating Officer; Prakash Tallabattula, Executive Vice President and Chief Technology Officer; Madu Narahari, Executive Vice President, Implementations; and Bijendra Malik, Executive Vice President and Chief Security Officer.
Oscar Salazar is a co-founder of Pager, an innovative on-demand healthcare service that utilizes a mobile patient engagement platform to connect patients with the right type of care. Prior to Pager, Oscar was a founding partner and Chief Technology Officer of Uber.
Walter Jin was the co-founder of The Healthcare Group at The Carlyle Group. Walter currently serves as the Executive Chairman of Pager and has over 20 years of investment and operational experience in the healthcare sector. Walter is the co-founder of Three Fields Capital and Pacific Healthcare Management, which manage a portfolio of private equity and venture capital healthcare investments. Walter is a graduate of Harvard University and currently serves as an Executive in Residence at Johns Hopkins Medicine and an Innovation Fellows Technical Advisor to the U.S. Department of Health and Human Services.
"In the recent years, several successful Silicon Valley entrepreneurs and blue chip companies have entered the healthcare vertical to disrupt and transform, in vain. This lack of success can be attributed to the absence of substantial business and revenue models, disruptive service offerings, and a proven track record in the complex healthcare eco-system,” says John Sculley, former Apple CEO and Vice Chairman of RxAdvance. John continues, “What impressed me about Ravi and his team at RxAdvance is that they have all the essential components for success - a widely proven and successful revenue model, a solid platform and innovative thinking, a proven track record, and deep healthcare domain expertise capable of disrupting traditional paradigms throughout the care continuum. Through its innovative Collaborative PBM Cloud™, RxAdvance is challenging large incumbent PBMs by disrupting their decades-old business and revenue models, and their risk-sharing models are unheard of in the PBM market.” John concludes, “I believe this model will pave the path for new entrants from Silicon Valley. Oscar and Walter’s participation is a great testament to the proven model established by RxAdvance."
“We are honored to have two of the leading minds in disruptive technology and business as our investment partners and board members. We at RxAdvance feel that their high-tech experience and guidance will help to transform the $770 billion PBM and associated avoidable drug-impacted medical spend that is long overdue for innovation,” says Ravi Ika, President & CEO of RxAdvance.
Prior to RxAdvance, more than a decade ago, Ravi founded IkaSystems. Through the ikaEnterprise platform, Ravi was able to reduce administrative costs for Payers by 50% while improving transparency between Payers and Providers. These results enabled ikaSystems to raise over $140M capital from Providence Equity, the sixth largest private equity firm. Over the years, the healthcare industry has come to rely on Ravi's vision of how innovative technology can radically change the way it collects, shares and uses information.
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