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PBM RxAdvance taps former Rite Aid, CVS Caremark execs to expand management team


SOUTHBOROUGH, Mass. — PBM company RxAdvance has expanded its executive management team with the hiring of former CVS Caremark and Rite Aid executives.

Frank Shiraldi joins the company as EVP and chief pharmacy officer. Schiraldi is responsible for development, implementation and oversight of the PBM program across multiple business lines. Schiraldi most recently served as VP business informatics at BeneCard PBF. Before that, he served as VP at Xerox Audit & Compliance Solutions, where he oversaw a pharmacy auditing company and developed pharmacy-claims analytical tools and fraud detection methodology. He held positions with McKesson and Rite Aid, with responsibilities in third-party administration and management.

Serving as EVP and CMO is Christine Kyle. Kyle is responsible for overall sales and marketing activities for all lines of business of the company. She is also responsible for strategic business development and partnership development. Most recently, Kyle served as the vice president of sales for Sodexo, a global healthcare onsite service solutions company. Previously, she was VP of specialty pharmacy payer sales and account services for CVS Caremark where she was responsible for providing strategic direction to support the market development of existing clients and expand into new and competitive markets.

Prakash Tallabattula joins the company as EVP and chief technology officer. Tallabattula will oversee all technology operations, research and development, both onshore and offshore. Prior to joining RxAdvance, Tallabattula worked as a senior enterprise architect at Fannie Mae, where he was responsible for the organization’s technology roadmap. He was also a senior architect at Verizon, where he played a key technical role on Verizon Dialup/DSL/FIOS solutions.

RxAdvance was established by Ravi Ika, founder and executive chairman of Southborough-based ikaSystems until this past February. Leveraging a cloud-based technology platform, Ika is striving to bring a “game-changing” approach to the PBM industry. According to the company, the innovation will significantly reduce RxAdvance’s administrative costs and plan sponsor unit costs; optimize drug utilization/adherence; and improve collaboration and transparency between plan sponsors and RxAdvance for better health outcomes.

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