RxAdvance Founder and CEO Ravi Ika has announced that John Sculley, the formar apple CEO who has been an founding investor and vice chairman of RxAdvance, has accepted the extended role as Chairman of the Board and Chief Marketing Officer.
John Sculley said, “Great entrepreneurs start with a ‘Nobel Cause’. The more time I spend with Ravi, the more I appreciate that he has created something truly amazing”.
Subu Kota, the Indian-American entrepreneur, president of the Boston Group USA, also works in the board of RxAdvance. Other Indian-American board members included Devaiah Pagidipati and Krishna Ika.
According to RxAdvance, the $370 billion Pharmacy Benefit Management (PBM) industry has been encumbered with huge administrative inefficiencies, legacy systems, limited service offerings, obsolete transaction methodologies, and a lack of a single point of accountability. This faces avoidable drug-impacted medical costs over $350 billion , which is almost that half of the total $700 billon avoidable medical costs in the healthcare system. If optimized correctly, Half of these savings are more than enough to fund the uninsured and underinsured if optimized correctly, while also reducing premiums for all Americans.
Ika said, “As we had been building RxAdvance, we collectively begin to understand that the Rx ecosystem has been a huge untapped opportunity for the US health system to save hundreds of billions of dollars annually”.
Southborough-based RxAdvance is a national full-service pharmacy benefit manager which leverages Collaborative PBM Cloud™ to deliver an integrated PBM services to reduce overall pharmacy costs, and total spend on optimize specialty by converting from “Buy & Bill” to “Authorize & Manage”. This reduced avoidable drug-impacted medical costs, while improving patient’s quality of life with unmatched regulatory compliance and transparency.
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By Prakriti Neogi
