- Trxade
Group has captured nearly half of the independent pharmacy market with its
web-based purchasing platform
- “E-Bay/Kayak-like”
Supplier-to-Pharmacy trading platform improves transaction processing
between independent pharmacists and drug distributors
- Predictive
data analytics features, price visibility and profit optimization within
the platform are critical as the general population ages
Trxade Group Inc. (NASDAQ: MEDS) is an integrated
pharmaceutical services company that offers a unique combination of a web-based
purchasing platform for transactions between independent pharmacists and drug
distributors; a network of pharmacies with E-Hub software; a mail order
pharmacy; and warehouse and drug delivery services. This synergistic
combination of product offerings and superior data analytics is poised to benefit all
stakeholders and consumers within the pharmaceutical industry.
The Florida-based Company’s Supplier-to-Pharmacy
(“S2P”) trading platform helps independent pharmacies nationwide to identify
the best available supplier prices for prescription drugs. With over 11,900
registered pharmacies already on the company’s network, and adding
approximately 100 new pharmacies per month, Trxade’s aim is to ultimately reach
most of the 24,000 independent pharmacies, with a combined annual purchasing
power of over $92 billion.
Trxade targets these independent pharmacies and has
demonstrated a significant first-mover advantage over competitors operating
similar e-commerce platforms. The company credits effective analytics
deployment for the results attained. Trxade leverages a robust,
“E-Bay/Kayak-like” technology platform with optimum buyer/seller pricing
algorithms, product availability, and predictive data analytics features.
The platform has experienced unparalleled success due to the
fact that the company’s business model is designed to overcome general
obstacles faced by the typical independent pharmacy. Trxade has found that
these pharmacies average annual sales of approximately $3.5 million and the
average age of an independent pharmacy owner is greater than 60. Further,
independent pharmacies, in order to be cost-effective, often operate
with minimal staff and conduct up-to-the minute price checks. The Trxade S2P
platform gives these pharmacists the ability to easily compare the price of
drugs offered by various suppliers and select the most favorable deals, saving
them money by taking advantage of best purchase pricing.
As the general population ages, drug costs are paced to
increase faster than overall health care costs and well above inflation. Drug
pricing is variable, and reimbursement is squeezing profits. This provides
significant opportunity for the Trxade model of price visibility and profit
optimization.
The company’s operating strategy is also contributing to its
bright outlook for 2020. Trxade’s web-based platform makes it safe, secure and
easy to review drugs offered by various suppliers and select the most favorable
deals. This increases supplier competition and effectively lowers prices for
the pharmacies, enabling them to enjoy larger profit margins.
Information sharing through direct marketing, email
marketing, and trade conference attendance, has resulted in the company’s
current trend of adding more than 100 pharmacies per month to its user base.
User satisfaction is yet another factor driving success.
Pharmacies now have access to quality pharmaceuticals at significant discounts
and a large network of suppliers for sales and purchasing opportunities. The
analytical and price comparison tools allow for educated buying and selling
decisions, easier price comparisons of multiple suppliers with only one search
and simplified ordering to suppliers of choice. Customer service is
first-class, as Trxade offers close guidance and support to pharmacies for
their five initial purchases.
The company believes investors, consumers and industry
stakeholders are poised to benefit in the near term from its recent deployment
of superior data analytics as well as a platform specifically tailored to
current industry needs.
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates
relating to MEDS are available in the company’s newsroom at http://ibn.fm/MEDS
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