RxAdvance Honored by Goldman Sachs for Entrepreneurship
Ravi Ika, President/CEO Among 100 Most Intriguing Entrepreneurs at 2017 Builders + Innovators Summit
October 18, 2017 08:00 AM EDT
SOUTHBOROUGH, Mass.–(BUSINESS WIRE)–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.
“We are pleased to recognize Ravi as one of the most intriguing entrepreneurs of 2017”
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.
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.