- The company’s current independent pharmacy member base represents over 50% of the United States pharmaceutical market within that vertical
- Actively used in all 50 states with over 11,700 pharmacies in its network, serving around 15 million patients indirectly through these networks of pharmacies
Pharmaceutical supplies and services provider Trxade Group (NASDAQ: MEDS) benefited from an increased exposure to potential investors in September, by attending several virtual investor events and conferences, where it was given the opportunity to present its innovative platform and its advantages for pharmacy members.
The company started the last month of the third fiscal quarter strong by attending the LD 500 Virtual Investor Conference, held September 1-4. During a presentation on September 2, Trxade CEO Suren Ajjarapu focused on the company’s prescription affordability efforts and its commitment to helping pharmacies met their customers’ needs while remaining profitable.
Following the LD Micro event, Trxade attended the 2020 Colliers Institutional Investor Conference on September 10 and the H.C. Wainwright 22nd Annual Global Investment Conference on September 14-16. Mr. Ajjarapu was available for one-on-one meetings during both events and hosted a virtual presentation during the Wainwright convention on September 16.
Such investor events can help Trxade further raise the profile of its supply chain trading platform that offers independent pharmacies nationwide access to the best supplier prices for prescription drugs. Currently, the company has an established presence in all 50 states, with over 11,700 pharmacies in its network. The company is indirectly serving around 15 million patients via these independent pharmacies within its network, according to Ajjarapu. Through the trading platform, independent pharmacies can see “up-to-the-minute” supply and pricing for pharmaceutical needs on a cost-efficient basis.
The Trxade Marketplace Platform uses a proprietary database and algorithms to identify pharmaceuticals likely to be in short supply. These are then delivered to independent pharmacies. The pharmacy’s total annual purchase costs can be reduced by up to 7-10%. No membership or transaction fees are required of them and they gain the ability to off-set negative insurance reimbursements. The safe, secure, and easy web platform instantly connects to thousands of pharmacies with real-time information.
Integra Pharma Solutions is another Trxade division. Providing quality Rx products with significant savings, Integra Pharma Solutions is a pharmaceutical supplier for healthcare organizations of all sizes. Current healthcare markets serviced via Trxade include Government organizations, hospitals, independent pharmacies, and clinics across the nation. Trxade so far has over $800K+ in awards from the US Department of Veterans Affairs, 23K+ SKUs representing hundreds of manufacturers’ products, 60+ supply partners.
The company’s B2C operations are led via Bonum Health, which provides 24/7 access to Board-Certified Providers and Health Assessment Tools at a time when telehealth services are in high demand. Smart technology allows doctors and specialty providers to view vitals through special integrations like FitBit, iHealth, etc. Pending the outcomes of pilot programs, the company expects to make Bonum Health available nationwide.
Providing the sale of products directly to consumers, Trxade’s Community Specialty Pharmacy handles specialized care for patients suffering from chronic conditions. The focus is on rare or difficult to find medicines, including self-injectables, oral, and other supportive therapies.
This business model is proving beneficial for Trxade. At the end of Q2, the company showcased a 244% increase in revenue and a 74% increase in gross profit. Most of the growth can be attributed to an increase in sale and distribution of personal protective equipment (“PPE”) like N95 masks and sanitizing products, in response to the COVID-19 pandemic, through the Integra Pharma unit. When comparing numbers from June 30, 2020, against June 30, 2019, revenue increased from $5.6 million to $12.8million (“TTM”). Gross profits increased from $4.0 million to $6.2 million.
The main drivers of Trxade Group’s growth strategy are to increase the number of independent pharmacies serviced, increase the number of purchases per pharmacy, and increase the average amount of money spent per pharmacy.
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
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