- 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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