HealthContentAdvisors

TargetRx Receives Funding Boost

• Posted April 9th 2008
• by Marji

TargetRx announced it received $9.6 million of venture funding led by Quaker BioVentures, New Enterprise Associates (NEA) and Domain Associates, all existing investors. The company expects the funding to fuel future growth as well as the development of new products for its pharmaceutical industry customers. These new products will be designed to help customers improve their sales and marketing processes and drive overall business performance.

TargetRx has a normative database of physician attitudes that it combines with patented proprietary analytic methods to provide pharmaceutical companies with “leading indicator” of performance. Essentially, the research gives these pharmaceutical companies a glimpse into how they are currently performance and what they can do to improve that performance against key drivers of physician prescribing behavior. TargetRX can also forecast the companies’ future performance.

According to a press release announcing the funding, TargetRx has worked with most of the top 30 U.S.-based pharmaceutical companies since 1999. This funding should help TargetRx further the relationships it has built with those companies as well as yield new business. Companies in all industries–not just pharmaceutical–are constantly struggling to find ways to improve their sales and marketing functions.

Gaining customer insight in order to make these processes work better is a constant challenge. There is undoubtedly a large market for the solutions that TargetRx offers; and now there is the promise that these products will be developed even further and be joined by additional innovations. TargetRx isn’t the only winner here. As a result of this additional funding, these pharmaceutical customers who expect to gain a competitive advantage from TargetRx’s intelligence, are poised to be victorious as well.