Chief Executive Officer
Figueroa began his career upon graduating from the University of Puerto Rico in 1973, majoring in Industrial Engineering, working as a project and cost engineer at a major manufacturer of medical devices. He eventually became Human Resources Director in 1981, and in 1984 was recruited for the position of General Manager, a local manufacturing subsidiary of a multinational telecommunications company.
Between 1987 and 1991, he served as President of HealthPlus of Puerto Rico, the only federally qualified HMO on the island. From 1991 to 1995, he led the Puerto Rico operations of Caremark’s International Division. From 1995 to 1999, he worked as Senior Vice President of MCS HMO, a local health insurer. Figueroa then worked as an independent health benefits consultant, concentrating on pharmacy and disability benefits.
Between 2005 and 2009, Figueroa served as President of Pharmacy Insurance Corporation of America (PICA), a Medicare Part D prescription drug plan (PDP). He was instrumental in the recruitment of the management and professional team and in the development and implementation of all systems, policies and procedures to meet Centers for Medicare and Medicaid (CMS) requirements for the new Medicare pharmacy benefit that went into effect in January, 2006. The company became the largest PDP in Puerto Rico, and profitable by the end of that first year.
By 2007, PICA had obtained a contract with the Administración de Seguros de Salud (ASES), Puerto Rico’s government entity that manages the local Medicaid benefit. Under this contract, PICA provided the branded drug manufacturers’ rebate program on behalf of ASES. In addition, PICA developed and maintained the Maximum Allowable Cost (MAC) list, a reimbursement schedule for generic drug products. As a result of this contract, ASES, for the first time in its history, experienced a significant reduction in pharmacy benefit cost.
Figueroa founded PharmPix in 2009, along with three other partners that also have deep and extensive experience in the pharmacy benefits field.BACK TO TOP
Martty Martínez Fraticelli, Pharm.D
President & Chief Pharmacy Officer
As one of the original founders of the company, Doctor Martínez Fraticelli’s ambition is to utilize his professional training and experiences to help healthcare consumers engage in a healthy lifestyle, and to access the best-in-class care providers and therapy protocols available.
Beginning his career as a clinical pharmacist, Martínez Fraticelli discovered his passion for assisting patients in accessing their benefits, and understanding the value of compliance and self-monitoring of their personal care. While doing so, Doctor Martínez Fraticelli served as a member of an advisory committee that helped create a pharmacotherapy clinic at the San Juan VA Medical Center in 2000.
Martínez Fraticelli served as Staff and Pharmacy Manager for Walgreens in Miami, Florida. Martínez also served as Assistant Professor, in a part-time contract with the School of Pharmacy, University of Puerto Rico, Medical Science Campus, in Rio Piedras.
He has served as a consultant for formulary management and development of clinical program management, creating prescribing guidelines/protocols for certain high cost/utilization medications and conditions, performing MUEs and training staff pharmacists to perform clinical tasks as a member of the P&T committee at Auxilio Mutuo Hospital, in San Juan, Puerto Rico.
In his role as Clinical Manager at Medco Health Solutions Inc., Martínez Fraticelli was responsible for formulary management, providing clinical information, utilization projection and economic impact of drugs to be included in the client’s formularies, monitoring drug utilization patterns to recommend and monitor the performance of diverse clinical and Health Management programs; developing educational interventions for members and physicians, preparing a yearly prescription drug program review for clients, assuring cost-effectiveness of drug treatments, and evaluating pharmacy benefit performance drug spend and trend and recommending strategies like Discounted Retail Network, Specialty Pharmacy Management, Plan Design management,drug exclusions and multi-tiered copays structures.
Doctor Martínez Fraticelli was also part of the start-up team at Pharmacy Insurance Corporation of America, a stand-alone PDP with a proprietary PBM infrastructure to create the clinical platform, formulary management, generic MAC program, retail pharmacy network, rebate contracting, plan designs, prior authorizations and other utilization management strategies, and exception and appeal processes; ensuring the clinical soundness of every coverage decision and managing the loss ratios effectively; as well as directing the Clinical Department, which consisted of 20 pharmacy and medical professionals.
When he served as Vice President of Pharmacy Services at MMM Holdings Inc., Martínez Fraticelli was in charge of managing a staff of 50 professionals in the development of pharmacy strategies to improve operational efficiency, driving compliance with CMS and decreasing drug costs.
His honors and awards include: Schering Award - University of Puerto Rico, School of Pharmacy, 1994; Graduated with Honors - Nova Southeastern University, School of Pharmacy, 1999; and Best Poster Award - Puerto Rico Pharmacy Association, Annual Meeting, Poster Presentation, Aug. 2003. Martínez Fraticelli was also a member of the Puerto Rico Board of Pharmacy- Lic. 4453, 1994; and the Florida Board of Pharmacy- Lic. PS0030850, 1995.BACK TO TOP
Iván López Javier
Chief Financial Officer
Mr. López’s career has focused in the healthcare field for 25 years working as a senior executive with a proven track record of success in achieving revenue, profit and business growth objectives in new, turnaround and rapid change environments. Mr. López has extensive background building, leading and advising corporations through startup, restructuring and risk management transactions.
Beginning with Humana, López gained experience formulating financial plans, budgets and short-/long-term projections of premium revenue and claims costs. He managed underwriting premiums of $300 million with the support of central office based actuary and Milliman, an external actuarial consulting firm, as well as $50 million investment portfolio, and health plan investment income.
López then established a greater understanding of the provider side of health care as General Manager of Borschow Hospital and Medical Supply. Mr. López Javier led the planning and guided activities for finance, accounting and new business development with annual sales of brand and generic drugs exceeding $160 million. López also developed strategic business plans to drive performance and growth. In addition, Mr. López finalized contract negotiations with hospitals and controlled outstanding debts.
As the executive responsible for managing client relations, he renegotiated sensitive accounts and defined retention strategy parameters. Later, at Orbix Healthcare Corp, Mr. López held the position of Vice President of Finance. In this role, López directed all finance, accounting, payroll and taxes for Orbix, a holding company and its four business units: MOVA (Distribution of Generic Drugs), MC-21 (Pharmacy Benefits Management), SIS (Pharmacy Rebate), and Farmacia Muñoz Rivera (RxMail Order) with $50 million combined annual sales. López rebuilt sales and service support structures, financial planning, accounting cycle times, integrity of data, asset management, and validated inventory counts and commonality of systems while maintaining continuity of operations. Mr. López consolidated financials of five profit centers, evaluated management structure efficiency, controlled expenses and ensured prompt billing and payable practices.
Mr. López’s diverse cross section of health care experience and focus on the financial aspects of business has prepared him for his current role of Chief Financial Officer of PharmPix Corporation. López is a founding member of PharmPix. Originally commissioned by the PharmPix Board of Directors to determine feasibility, structure and drive development of PharmPix, offering pharmacy benefit management solutions. Mr. López now manages the company’s P&L goals, directs financial approval processes to ensure compliance with contracts and limit the corporation and its client’s exposures and liabilities.BACK TO TOP
Herminio Correa Garces
Chief Information Officer
Mr. Correa holds a Bachelor of Science, in Natural Science, with a Minor in Computer Science from the Metropolitan University, in San Juan Puerto Rico, where he was Member of the Honors Program. His professional memberships include the National Council for Prescription Drug Program (NCPDP), Arizona; Information System Audit and Control Association (ISACA), Puerto Rico; American Health Information Management Association (AHIMA); and the Healthcare Information & Management System Society.
Mr. Correa worked in senior development positions for 10 years prior to his role at Pharmacy Insurance Corporation of America with Medical Card Systems of San Juan, Puerto Rico. He also worked as a consultant for several other healthcare providers on the island, providing the technology vision, leadership, strategic guidance and expert knowhow for the development and implementation of corporate-wide information technology programs. Mr. Correa led healthcare networks in planning and implementing enterprise information systems to support both distributed and centralized clinical and business operations to achieve more effective and cost beneficial enterprise-wide IT operations.
Prior to working with PharmPix, Mr. Correa held the position of Chief Information Officer and Founder, Pharmacy Insurance Corporation of America (PICA), San Juan, Puerto Rico.
Mr. Correa developed a pharmacy transaction engine and ancillary Medicare Part D application for the island’s leading Medicare PDP, in a fast track (six months) development mode, being fully compliant for the launching of the Part D benefit in January, 2006. While at this company, Correa led the software development team that enabled the company to become the Puerto Rico Medicaid Program (ASES) Pharmacy Program Administrator (PPA), receiving and processing massive pharmacy claims data files to produce timely and accurate drug manufacturer rebate invoices. His team also developed an online rebate proposal submission application, recognized at the time by pharmaceutical manufacturers as the most advanced of its kind.
Mr. Correa is one of the founders of our company. Correa has led the development of PharmPix’s totally new proprietary pharmacy benefits management applications suite. His vision regarding system development centers on enabling the integration of all of the healthcare information components that are dispersed throughout the various systems and currently do not link to each other.BACK TO TOP
Director of Sales & Service
Ms. Méndez has over 20 years of experience in the Healthcare and Pharmacy Benefit Management (PBM) industry with an extensive background in sales and account management. She began her career in Los Angeles, California with Wellpoint Pharmacy Management in the Sales & Marketing Department, gaining experience in the Bid and Proposal unit in development of marketing analysis, competitor and new sales tracking systems. Ms. Méndez managed the pharmaceutical rebate contracts with pharmaceutical manufacturer companies, prepared rebate billing and collection process.
In 1997, Ms. Méndez moved to Puerto Rico, and served as an Account Manager with Express Scripts to manage the United Healthcare Puerto Rico account. She was an important team member in the successful implementation of the Health Reform (Medicaid) business which was completed within 30 days. Ms. Méndez also supported onsite pharmacy audits which resulted in substantial audit recoveries for the client. Ms. Méndez later worked with a KCI Concepts, a national Durable Medical Equipment (DME) supplier in the management of DME patient administration and billing. She was responsible for marketing company products by conducting presentations to hospitals, private plans and home care facilities. Ms. Méndez developed relationships with hospitals, health plans, third party payors, workers compensation programs and private companies which resulted in additional sales for the company.
Ms. Méndez’s extensive background in healthcare and account management prepared her for the Account Executive position with Walgreens Health Initiatives (Walgreens owned PBM). In this role, Ms. Méndez was focused on organic growth for increased revenue and profitability by successful upselling of company products & services. Her excellent background and high level relationship with clients was key in obtaining new business. The region was awarded “Region of the Year” in 2009 for highest growth, increased sales and 100% client retention. She was very successful in the implementation of new clients, as well as, additional program implementations (Specialty, Clinical, 90 day, etc..) within existing clients which resulted in increased revenue source for the company.
In 2009, she was promoted to Strategic Account Executive responsible for sales & account management. Ms. Méndez managed large to mid-size accounts by promoting and selling Walgreens suite of services. She performed financial analysis and utilization review to reveal new opportunities for cost containment strategies and increased revenue. She maximized her selling techniques by successfully closing deals for U.S. based Take Care clinics to existing clients, as well as Specialty products and Mail Order programs.
She is now in charge of managing PharmPix’s Sales & Service Department.BACK TO TOP
María Enid Criado
Senior Sales Director
Mrs. Criado graduated from Rider University in Lawrenceville, New Jersey with a BBA in Management & Organizational Behavior. She has over 20 years of experience in the Health Insurance Industry.
She began her career working for John Hancock in 1991 as a sales representative. Mrs. Criado then worked for The Puerto Rican American Insurance Company (PRAICO) from 1992 to 1996. She was responsible for establishing flood insurance within the banking industry to comply with the federal flood regulations.
From 1997 to 2014 she worked at Triple-S, Salud. Mrs. Criado has vast experience in sales and corporate account management as well as negotiating with underwriters. During 2008 and 2009, Maria Enid was a key player in the acquisition of La Cruz Azul de PR. She was responsible for the implementation of over 500 accounts in record time.
As a sales account executive, Mrs. Criado earned the “Premio Presidente" Award five consecutive years for exceeding sales goals by 150%. She has been an overachiever and has developed robust relationships with brokers and corporate clients.
She joined PharmPix in 2014 as Senior Sales Director.BACK TO TOP
Jimmy Rodríguez Colom
EVP, Business Development
Rodríguez Colom holds a Bachelor of Arts in Economics from Princeton University. He obtained an MBA in Finance from Indiana University as a Fellow of the Consortium for Graduate Study in Management.
He began his Wall Street career in 1983 at the First Boston Corporation, which eventually became Credit Suisse, where he started as trainee and rose to the position of Director. He was Managing Director at Popular Securities where he was responsible for Institutional Sales from May 1995 to April 2005. From May 2005 to September 2010, he served as President of Santander Securities, the broker dealer and money management subsidiary of Santander in Puerto Rico.
Before joining the firm, Mr. Rodríguez Colom worked for PharmPix in raising the capital needed to fund its operations. Mr. Rodríguez Colom joined PharmPix in 2012 as Executive Vice President in charge of Business Development and Strategy.BACK TO TOP