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RxAdvance Selected as a 2016 Red Herring Top 100 North America Winner

Newport Beach, Calif — Red Herring today announced its Top 100 North America award winners in recognition of the leading private companies from the region, celebrating these startups’ innovations and technologies across their respective industries.

Southborough, MA – June 15th, 2016 – Red Herring Top 100 America enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 1,200 privately financed companies each year in the US and Canada. Since 1996, Red Herring has kept tabs on these up-and-comers. 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.

“In 2016, selecting the top achievers was extremely difficult,” said Alex Vieux, publisher and CEO of Red Herring. “The variety, depth, disruption and traction we saw from the early stage companies to those with significant scale made it one of the toughest vintages to judge. The North America winners are representative of the amazing ecosystem that never ceases to astound, with new and experienced entrepreneurs continuing to push the barriers of innovation. As one of the winners, RxAdvance should be proud of its accomplishment under such strong competition.”

Ravi Ika, CEO and President of RxAdvance, stated that “we are honored to be included amongst some of the most innovative companies in North America.  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 to reduce overall pharmacy costs ($300Billion) and avoidable drug-impacted medical costs (over $350Billion) while optimizing specialty drug spend (over $100Billion). The Red Herring award recognizes the impact our solution is making in the healthcare industry.”

“RxAdvance is disrupting a market that has not experienced a transformation for over 30 years.  Guided by an integrated and holistic vision of being a true partner with health plans and delivering actionable intelligence throughout the care continuum, RxAdvance’s leadership is reshaping the value proposition for the PBM industry” said John Sculley, Former CEO of Apple and Founding Partner & Vice Chairman of RxAdvance.  “In my years of experience, I have not seen a company like RxAdvance with potential to transform $750Billion market” Sculley adds.

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.

Red Herring’s editorial staff evaluated companies on both quantitative and qualitative criteria, such as financial performance, technological innovation and intellectual property, DNA of the founders, business model, customer footprint and market penetration. This assessment of potential is complemented by a review of the track record and standing of startups relative to their sector peers, allowing Red Herring to see past the “buzz” and make the list a valuable instrument of discovery and advocacy for the most promising new business models in North America.

RxAdvance is now nirvanaHealth.

Since 2013, the RxAdvance team has been dedicated to disrupting the healthcare industry, specifically in pharmacy benefit management. After 3 years of development, we went live with our first client in 2016 and delivered groundbreaking pharmacy benefit management services. Now that we have proven success year-after-year, we have decided to expand our impact beyond just the PBM industry—onto the payer industry. These two industries alone control the majority of the healthcare spend in the United States, including the $900+ billion of waste generated annually. With our expansion into a new portion of the industry, we have outgrown the RxAdvance name, since it does not accurately capture the scope of our healthcare reach and mission. We are excited to announce our new name and brand—nirvanaHealth. The RxAdvance name has served us well for many years and will continue to do so under nirvanaHealth.