PRESS RELEASE:
SOUTHBOROUGH, Mass.–(BUSINESS WIRE)–November 15, 2016–
Ravi Ika, founder and CEO of RxAdvance announced today that former Apple CEO, John Sculley, has accepted the expanded role as Chairman and Chief Marketing Officer at RxAdvance. John is a founding investor and has been RxAdvance Vice Chairman.
“Great entrepreneurs start with a ‘Noble Cause’. The more time I spend with Ravi, the more I appreciate that he has created something truly amazing,” says John Sculley. “After leaving Apple, I have acted as an advisor, investor, and board member in over two dozen companies. RxAdvance is the first company that has inspired me to get involved as an operating partner.”
“Through the Collaborative PBM Cloud™, our disruptive solutions reduce overall pharmacy costs, specialty costs, and avoidable drug-impacted medical costs. John and I work together every day as partners. Our growth momentum is accelerating and John’s thought leadership across three vectors – consumer, high-tech, and healthcare – has helped us conceptualize and implement our differentiation,” says Ravi Ika.
“Convincing John Sculley to join our management team was a great step forward toward positioning RxAdvance as one of the most transformative and innovative companies in healthcare. John Sculley has defined our vision at RxAdvance,” says Ravi.
Today, the United States spends nearly $3 trillion dollars on healthcare. Traditional Pharmacy Benefit Management (PBM) companies manage $370 billion of this as pharmacy spend. RxAdvance defines its addressable market as much larger due to its ability to manage medical risk.
In addition to the $370 billion PBM market, RxAdvance’s unique solutions include the $120 billion specialty drug market and $350 billion avoidable drug-impacted medical costs, totaling to a $840 billion addressable market.
These avoidable drug-impacted medical costs are introduced into the system largely due to antiquated platforms, obsolete transactional methodologies, limited service offerings, the inability to derive actionable intelligence, and the lack of a single point of accountability in the care continuum. If optimized correctly, savings from just half of avoidable drug-impacted medical costs are more than enough to fund the uninsured and underinsured, while also reducing premiums for all Americans. This provides an opportunity for the US Healthcare System to save hundreds of billions of dollars through disruptive innovation – this is RxAdvance’s Noble Cause.
About RxAdvance
RxAdvance is a national full-service pharmacy benefit manager that leverages Collaborative PBM Cloud™ to deliver integrated PBM services through three distinct service offerings: nirvanaRxCloud™, a cloud-based, full-service PBM solution that reduces overall pharmacy costs; nirvanaAccountableCare™, a risk-sharing solution to reduce avoidable drug-impacted medical costs; and nirvanaSpecialty™, a solution to convert specialty drug treatment management from “Buy & Bill” to “Authorize & Manage”, while improving patient’s quality of life with unmatched regulatory compliance and transparency. Both nirvanaAccountableCare™ and nirvanaSpecialty™ will complement a health plan sponsor’s existing PBM. In addition, RxAdvance offers a global pharmacy and avoidable drug-impacted medical risk-sharing partnership models, standing shoulder-to-shoulder with plan sponsors. www.rxadvance.com
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RxAdvance
Liz Thomas, 617-997-7723
Elizabeth.Thomas@rxadvance.com