- Pharmaceutical services innovator Trxade Group Inc. has gained investor attention as it has emerged as a responsive healthcare market force during the ongoing COVID-19 pandemic
- As the pandemic began to unfold earlier this year, Trxade Group saw revenues jump effectively to three times their previous Q1 level, largely as a result of personal protective equipment products
- The company’s core mission has been to help small, community-centered retail pharmacies compete with large national chains through prescription drug price transparency and AI-driven protocols that help pharmacies stay abreast of what’s available
- Trxade Group’s advances in delivering services ranging from consultation to drug shipping via virtual, remote-access technology has kept it abreast of developments as the effects of the pandemic have led to social-distancing limitations
The surprise manifestation of the novel COVID-19 coronavirus and its spread as a global pandemic this year has led to a cascade of changes involving how health care is administered, perhaps most notably in the increased adoption of telehealth services.
Telehealth services have been ideally situated for meeting remote access needs amid conditions in which the potential spread of a highly contagious virus has led medical policy makers to discourage close contact between people and gatherings in large numbers, especially indoors.
Five hundred healthcare industry executives surveyed by marketing agency Boston Digital recently reported the growing use of telehealth amid the pandemic has delivered largely positive results and the majority of the respondents said some of the changes in care protocols would undoubtedly remain in effect after the pandemic ends (https://ibn.fm/wTD8S).
Integrated pharmaceutical services innovator Trxade Group (NASDAQ: MEDS) has seen growing enthusiasm about its business profile during the course of the pandemic, largely because of revenue growth that has far exceeded expectations. The Q2 report showed a more-than-triple increase year-over-year to $6.6 million, practically tripling sequentially after Q1 this year as reported in a July earnings call (https://ibn.fm/KNVJs), which sent the stock soaring 35 percent immediately after the announcement, as noted in a Q3 research summary (https://ibn.fm/vBuoV).
The company’s artificial intelligence API is designed to streamline the transfer of information between healthcare industry businesses. Trxade’s model thereby helps smaller, independent pharmacies in particular to competitively serve patients in spite of the proliferation of large pharmaceutical chains.
But Trxade is also rolling out a first-of-its-kind bundled service that combines telehealth performance, a COVID-19 risk assessment tool and a personal protective equipment (PPE) purchasing tool. The bundled service will help businesses better deal with the medical needs of their internal corporate structures during the changing conditions as well as once the pandemic conditions have ended.
Trxade has been working to build its capital since uplisting to the Nasdaq exchange earlier this year (https://ibn.fm/C4wWa) and more recently gaining inclusion on this year’s Russell’s Microcap Index (https://ibn.fm/2120T). The company has also brought international investor relations specialists MZ Group on board to expand the company’s strategic investor relations program across all key markets.
The growing brand in the medical technology space has attracted nearly 11,700 independent pharmacies to its network — more than 50 percent penetration among the United States’ estimated 22,000 independent pharmacies.
“Our platform lets these independents know that they’re receiving a fair price from competing suppliers on fair payment terms and often with next day delivery,” Founder, Chairman and CEO Suren Ajjarapu said during the earnings conference call. “We believe this radical price transparency, economy of scale and competition amongst suppliers leads (to) up to 10% reduction in pharmacies’ total annual drug purchase costs, with a drug-level savings of up to 90% on certain pharmaceutical products.”
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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