Bangalore: WestBridge Capital Partners (www.wbcp.com), along with marquee investors from the life sciences, technology and financial services industries including three emeritus chairmen of leading global pharmaceutical companies, has announced an investment of $10.25 million in Series C equity financing in New Jersey-based marketRx (www.marketrx.com). marketRx is a leading provider of sales force effectiveness and marketing effectiveness solutions to pharmaceutical companies.
WestBridge is a leading US-India venture capital firm with $140 million under management. WestBridge will play a key role, assisting marketRx in leveraging India's talent pool with analytical and statistical capabilities, giving the firm a strategic competitive edge. Sumir Chadha, the senior managing director of WestBridge Capital Partners, and Rick Braddock, chairman, priceline.com, will join the board of marketRx. The funds received will be used for sales and business development activities, new product initiatives and geographical expansion.
marketRx is a marketing informatics company that provides innovative software-based products and services to pharmaceutical, biotechnology and medical device manufacturers worldwide. marketRx combines extensive brand marketing knowledge with proprietary analytical models and world-class information technology. The Indian operations began in June 2003 and is growing to become a key delivery hub for marketRx.
Based in Delhi, the Indian operations will have employees working on product development, and advanced analytics and marketing services delivery. In a short span the company, has been able to create a centre of excellence for advanced analytics based sales and marketing services, that are unique in their contribution to customer topline. marketRx has taken the lead on deploying Indian talent for next generation higher value 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," says Chadha.
"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 organisations," says Jassi Chadha, CEO and president, marketRx.
"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," says Rick Braddock, chairman, priceline.com.