RxAdvance Honored by Goldman Sachs for Entrepreneurship
October 18 2017 - 8:00AM
Business Wire
Ravi Ika, President/CEO Among 100 Most Intriguing
Entrepreneurs at 2017 Builders + Innovators Summit
Goldman Sachs (NYSE:GS) is recognizing RxAdvance President and
CEO Ravi Ika as one of the 100 Most Intriguing Entrepreneurs of
2017 at its Builders + Innovators Summit in Santa Barbara,
California.
Goldman Sachs selected Ravi as one of 100 entrepreneurs from
multiple industries to be honored at the two-day event.
A noted entrepreneur and an innovator of disruptive business
solutions, Ravi Ika founded RxAdvance in 2013 and serves as
President and Chief Executive Officer of the full-service pharmacy
benefit management (PBM) 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.
The Collaborative PBM Cloud™, the platform Ravi and
the RxAdvance team created from the ground up, provides
comprehensive transformative services for all PBM administrative,
clinical, specialty management, care stakeholder engagement, and
medical risk management functions. It does so in a way never
imagined in the PBM industry.
Mr. Ika envisions a $840 billion PBM market long in need of
transformation. The Collaborative PBM
Cloud™ combines pharmacy, medical, and lab information to
deliver actionable intelligence. Prescribers receive this real time
actionable intelligence at the point of care, pharmacists at point
of sale, patients via mobile cloud, and payers’ clinical and
pharmacy staff engagement through their workflows. Among the
valuable results: lower costs, optimal utilization, better
outcomes, higher quality, greater transparency, and rigorous
compliance.
More than 15 years ago, Ravi recognized a similar
transformational opportunity in health insurance. Industry
insiders, challenged to reduce administrative costs by 30% and
avoidable medical costs by 20%, saw the goals as unachievable.
Mired in paper-based processes, the industry also struggled with a
myriad of fragmented, inflexible, and expensive legacy systems.
Ravi responded to this opportunity with ikaSystems, an
enterprise payer cloud platform company. Disrupting obsolete
paradigms, he delivered unprecedented change long before passage of
the Patient Protection and Affordable Care Act. The ikaSystems
platform decreased administrative costs for many health insurers by
as much as 50% and significantly reduced avoidable medical costs.
With these results, ikaSystems raised more than $140mm capital from
Providence Equity and Essex Woodland Ventures.
Ravi, stated that “I am honored to be one of the 100 Most
Intriguing Entrepreneurs of 2017. RxAdvance continues to see rapid
adoption of its disruptive Pharmacy Benefit Management (PBM)
services leveraging Collaborative PBM Cloud™. By acting as a
true partner to plan sponsors, we are working towards redefining
the value proposition for the PBM industry. Through our integrated
approach and disruptive platform, we are transforming decades old
traditional paradigms in the PBM industry.”
"We are pleased to recognize Ravi as one of the most intriguing
entrepreneurs of 2017," said David M. Solomon, President and
Co-Chief Operating Officer at Goldman Sachs. "This is the sixth
year that we’ve hosted the Builders + Innovators Summit where
emerging business leaders gather to discuss their common interests
in building prosperous organizations."
For more than 145 years, Goldman Sachs has been advising and
financing entrepreneurs as they launch and grow their businesses.
In addition to honoring 100 entrepreneurs, the Summit consists of
general sessions and clinics led by Goldman Sachs experts, seasoned
entrepreneurs, academics and business leaders as well as resident
scholars.
About RxAdvance
RxAdvance is a national full-service pharmacy benefit manager
leveraging Collaborative PBM Cloud™ to manage standard and
specialty drug benefits with unmatched regulatory compliance and
transparency. In addition, RxAdvance offers a global pharmacy risk
partnership model standing shoulder-to-shoulder with plan sponsors.
Its tailored, world-class services that reduce overall pharmacy
costs, reduce avoidable drug impacted medical costs, and optimize
specialty drug spend while improving patient quality of life are
for all plan sponsors — health plans, accountable care
organizations (ACOs), exchanges, state Medicaid programs, and
employer groups. It provides contractually guaranteed savings in
administrative costs, ingredient unit costs, and rebate
revenues.
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RxAdvanceLiz Thomaselizabeth.thomas@rxadvance.com
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