Centene Corp. invested an undisclosed sum and partnered with RxAdvance, a national pharmacy benefit manager for health plans, ACOs, Medicaid programs and employer groups.
Centene will hold a customer relationship and a strategic investment in RxAdvance. Under the partnership, Centene will use capacities in its Envolve health solution division and RxAdvance's Collaborative PBM Cloud platform to provide pharmacy management services.
Ravi Ika, CEO of RxAdvance, will maintain his role, and John Sculley, former CEO of Apple, will stay on as chairman and chief marketing officer of RxAdvance.
In an interview with CNBC, Mr. Sculley spoke about RxAdvance's future. "What RxAdvance has built is the first cloud platform that literally goes in and hands off to technology things that have been done with thousands of people" through claims processing automation, he said. "By the time we get to about $20 billion of (annual) revenue — which we think will be in the early 2020s — we'll only need a couple thousand people."
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