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News >> Technology >>
marketRx raises $10.25 million in series C funding
By siliconindia
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Wednesday, 08 October 2003, 19:30 IST
BRIDGEWATER: marketRx, Inc., a provider of sales force effectiveness and marketing effectiveness solutions to top pharmaceutical companies, has said that it has received $10.25 million in Series C equity financing from Andwel Partners, WestBridge Capital Partners and marquee investors from the life sciences, technology and financial services industries including three Emeritus Chairmen of leading global pharmaceutical companies.
Prominent investors include Robert P. Luciano (Chairman Emeritus of Schering-Plough), Charles Sanders (Former Chairman and CEO of Glaxo, Inc.), Rick S. Braddock (Chairman, Priceline.com), William Shreyer (Chairman Emeritus, Merrill Lynch and Co., Inc.) and Dennis Turner (Ex-CEO and Chairman, PMSI, Inc.)
Sound business planning over the past two decades by the pharmaceutical industry had resulted in focus on key therapeutic areas by several leading companies. Today several companies play in every drug class and competition is keen. The next generation of marketing and sales effectiveness solutions from marketRx embrace the power of advanced analytics and technology to provide much needed solutions to improve the sales and marketing effectiveness in the industry at strategic and tactical levels, said Rick Braddock, Chairman, priceline.com.
Rick Braddock is on the board of several leading corporations including Eastman Kodak Company and Cadbury-Scweppes. He was previously the President and COO of Citibank N.A. and CEO of Medco Containment Services.
With strong success with customers, an impressive array of comprehensive solutions and sound leadership, marketRx is poised to be a leading, successful global player in the pharmaceutical sales and marketing effectiveness arena, said Sumir Chadha, Senior Managing Director of WestBridge Capital Partners.
Our team started out to change the sales and marketing paradigm in the industry and providing solutions that are in tune with the needs of the industry over the next several years. We are happy to see that pharmaceutical industry executives have embraced our solutions and the value they provide to both strategic and tactical teams within their organizations, added Jassi Chadha, CEO and President of marketRx.
The time has come to avail the rich data available in the industry and transform it into valuable, actionable insights that deliver true results to the pharmaceutical top line, he added.
Rick Braddock and Sumir Chadha will also be joining marketRx Board of Directors.
Funds will be used for sales and business development activities, new product initiatives and geographical expansion.