SOUTHBOROUGH, MA–RxAdvance, a full- service pharmacy benefit management company, has been selected as Red Herring 100 North America Winner. The Red Herring 100 award recognizes the most innovative private companies, startups and technologies across their respective industries each year in the US and Canada.
The Red Herring editors were among the first to recognize that companies such as Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, Palo Alto Networks and eBay would change the way we live and work.
Southborough, MA-based RxAdvance was founded by Ravi Ika, who serves as the company’s President and CEO. A number of Indian-Americans hold senior management positions at RxAdvance, including 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.
Subu Kota, CEO and Chairman of The Boston Group, serves on the company’s Board of Directors. John Sculley, former Apple CEO and one of America’s best-known business leaders, is the founding partner of RxAdvance and serves as the company’s Vice Chairman.
Red Herring 100 Awards are widely recognized as one of the industry’s more prestigious recognitions, with hundreds of candidates from each continent competing for a Top 100. Red Herring uses more than 20 criteria to analyze the companies. Some criteria are scale-based and some are absolute numbers.
According to Red Herring, criteria for the selection include, but are not limited to:
- Level of specialty
- IP in the solution created through internal R&D
- Social contribution
- Disruptiveness of the solution in its respective markets
- Venture investment
- Market maturity
- International footprint (including international employees)
- Revenues and the company’s overall globalization
- Startup growth stage
- Growth rate
- Industry awards and recognitions
- Market size
- Execution index
- Technological advantage
- Number of customers and users
- Regional considerations
- CEO/Team experience and track record
- Team quality and experience.
RxAdvance is a full-service pharmacy benefit manager leveraging Collaborative PBM Cloud to manage standard and specialty drug benefits with regulatory compliance and transparency. In addition, RxAdvance offers a global pharmacy risk partnership model standing shoulder-to-shoulder with plan sponsors.