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marketRx Raises $10.25 Million in Series C Funding for Pharmaceutical Sales and Marketing Effectiveness Solutions
- Equity Financing from Andwel Partners, WestBridge Capital Partners and Pharmaceutical Industry Veterans -
Bridgewater, NJ -- October 08, 2003 marketRx, Inc., a leading provider of Sales Force Effectiveness and Marketing Effectiveness solutions to top pharmaceutical companies today announced 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.
About
marketRx
marketRx combines analytics, market research and technology to provide solutions that enable our customers at global pharmaceutical and biotechnology companies to improve the effectiveness of their sales and marketing initiatives.
Our business delivery model combines extensive industry knowledge with global online market research and analytical expertise to deliver actionable solutions in sales force strategy, tactical planning, targeting, brand management, quick-turnaround market research, segmentation, forecasting, sales and marketing metrics, brand tracking and interactive marketing. Our technology enabled solutions also enable our customers to build internal capabilities by leveraging our R&D focus.
With 19 out of the top-20 global pharmaceutical companies as customers and work in over 20 different countries, marketRx® is the leading provider of integrated sales and marketing effectiveness solutions.
About WestBridge Capital Partners
WestBridge Capital Partners is a Mauritius based leading U.S.-India focused venture capital fund with approximately $140 million under management. The fund focuses primarily on cross-border U.S.-India technology and services companies that are targeting global markets. It invests in both Information Technology and Outsourced Services companies across all stages. WestBridge's investors include leading institutions and entrepreneurs across the globe. WestBridge has offices in Silicon Valley and Bangalore. For more information, visit www.wbcp.com
Contact:
Vikas Vats
marketRx, Inc.
marketing@marketrx.com
908-541-0045
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