John Sculley, former CEO of Apple and Pepsi, bets on RxAdvance as the game changer in the PBM marketplace, disrupting decades old business models
Southborough, MA – February 26, 2016 – RxAdvance, a full- service pharmacy benefit management (PBM) company, today announced that John Sculley, the former CEO of Apple, Pepsi and founding shareholder of RxAdvance, has joined the RxAdvance board of directors and is serving as vice-chairman. In addition, Mr. Sculley has participated in Series A4 funding that closed in December 2015.
“RxAdvance is disrupting a market that has not experienced a major transformation for over 30 years. Guided by a vision of being a true partner with health plans, RxAdvance’s leadership is reshaping the value proposition for the PBM industry,” said Mr. Sculley.
“The RxAdvance integrated and transformational platform, built on a unified data model, will effectively reduce overall pharmacy spend and drug-impacted medical costs while optimizing specialty costs for plan sponsors,” added Mr. Sculley.
He is one of America’s best-known business leaders, with one foot in the storied history of Apple technology and the other planted firmly in 21st century innovations that change the way the world does business. Drawing upon many years of experience as a corporate executive, investor, entrepreneur, mentor, and rainmaker, he has become a sought-after global advisor helping experienced entrepreneurs build a new generation of transformative companies.
Mr. Sculley’s domain expertise includes data science innovation, predictive analytics, consumer brand building, supply chain systems, and growth equity investing. He has also advised companies in many industries: In health-technology (RxAdvance, Rally Health, MDLIVE, FLEXPharma, SleepMed); financial-technology (NEFT); mobile-technology (MetroPCS, Obi Worldphone); and marketing–technology (Zeta Interactive). Mr. Sculley’s previous healthcare technology exits include Rally Health to United Healthcare and Misfit to Fossil.
John Sculley served on the Board of Overseers of both the MIT Media Lab and Wharton Business School for 15 years. He has also received Wharton’s highest honor, The Joseph Wharton Award for Outstanding Leadership. When he was Apple CEO, several industry groups named him Marketing CEO of the Decade. In 2015, the National Ethnic Coalition of Organizations awarded him The Ellis Island Medal of Honor.
“We are honored to have one of the leading minds in technology and business as a partner, mentor, and board member. We are truly delighted to have John onboard. More importantly, his wisdom and guidance is priceless and will enable us to transform the $750 billion PBM and ancillary industries” said Ravi Ika, President & CEO of RxAdvance.
“Ravi introduced cloud computing to the healthcare industry fifteen years ago through the enterprise cloud payer platform, ikaSystems. This time around, as an early explorer of machine learning, he has created an innovative enterprise collaborative PBM cloud platform. As a result, RxAdvance provides actionable intelligence to prescribers at the point-of-care, pharmacists at the point-of-sale, members proactively engaged through the mobile cloud, and plan sponsors’ pharmacy and medical staffs via care and case management workflows” said Mr. Sculley.
He is author of “Moonshot “Game Changing Strategies to Build Billion Dollar Businesses”. He is married to Diane Sculley who is also his partner in Sculley Family Office.
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. Our tailored, world-class services that reduce overall pharmacy costs, reduce avoidable drug impacted medical costs, and optimize specialty 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. We provide contractually guaranteed savings in administrative costs, ingredient unit costs, and rebate revenues. www.rxadvance.com.