- Company boasts significant first-mover advantage in proprietary web-based e-commerce platform segment
- Revenue growth driven by increases in the number of registered users and acquisition of Pharmacy
- Currently adding 100+ pharmacies per month to its online purchasing platform
- Trxade seeking FDA approval for antibody rapid test that can be used for COVID-19 patients
Trxade Group Inc. (NASDAQ: MEDS) is an integrated drug delivery, procurement, and health care platform that offers health care buyers and sellers of pharmaceuticals increased profit margins. The company has developed a proprietary web-based e-commerce platform (S2P – Supplier to Pharmacy) designed to help pharmacies reduce expenses by identifying the best available supplier prices for prescription drugs nationwide.
Leveraging this approach and a robust technology based on predictive data analytics, optimum buyer/seller pricing algorithms and product availability information, Trxade is uniquely positioned to become a leading e-commerce service provider in the $500 billion U.S. pharmaceutical industry overview 2019 (http://ibn.fm/qIqYt), which comprises more than 65,000 pharmacy facilities and 1,500 state-licensed suppliers. The company targets independent pharmacies on the market, which collectively spend more than $78 billion a year (http://ibn.fm/98LSL) on branded and generic medication.
With more than 12,100 independent pharmacies registered so far, Trxade’s platform allows its members 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.
Revenue growth on the S2P platform comes from two primary sources: increases in the number of registered users and growth in the utilization rate of the trading platform among registered users according to company data. Adding approximately 100 new pharmacies per month, Trxade’s aim is to ultimately reach most, if not all, of the 24,000 independent pharmacies on the market.
The approach is part of Trxade’s efforts to be one of the driving forces behind a nationwide reduction of pharmaceutical and health care costs. Especially in the current economic climate where the health care system is under strain as a result of the ongoing pandemic, keeping medication costs is essential. To this end, the company is committed to developing its portfolio of products and services to drive value and growth for all members, employees and investors.
Trxade’s wholly owned subsidiary, Integra Pharma Solutions, has filed for an Emergency Use Authorization with the U.S. Food and Drug Administration in collaboration with its partnered manufacturer of the SARS-CoV-2 IgM/IgG Antibody Rapid Test Kit (http://ibn.fm/6OuL3). Currently, the test is intended to aid in presenting a qualitative overview of antibody presence in patients who have possibly been infected by the coronavirus (COVID-19). In addition, the company aims to provide relief via another subsidiary, Bonum Health, a virtual telemedicine provider that can help patients access certified physicians and receive medical advice and prescriptions without needing to leave their homes.
This follows another innovative initiative launched via Bonum Health – the Bonum Health Hub developed in partnership with Tampa Bay-based independent retail pharmacy chain Benzer Pharmacy. Under the agreement, Bonum and Benzer set up Health Hubs in urban and rural areas to offer care to patients who can afford neither primary nor collaborative care.
As the U.S. health care market, currently valued around $4 trillion (http://ibn.fm/YqY21) is expected to continue growing in the context of an aging population, related expenses and drug costs are expected to increase at a considerable rate. This will provide significant opportunity for the Trxade model of price visibility and profit optimization, which could be successfully adopted on a wide scale by medical products and services providers.
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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