- Trxade Group is using the strength of its web-based purchasing platform, pharmacy network, delivery services and data analytics to improve the transparency of the prescription drug industry supply chain
- The company is celebrating a boost to its own transparency efforts with the news that the SEC approved its S-1 Registration Statement regarding shareholder stock resale
- Trxade Group reported record revenues of $1.5 million for the quarter ended March 31, as well as increasing operating income and net income
- The company’s software trading platform lists nearly half of the United States’ 24,000 independent pharmacies as subscribers, with ongoing additions to the platform
Pharmaceutical services company Trxade Group Inc. (OTCQB: TRXD) recently announced the Securities and Exchange Commission’s approval of its S-1 Registration Statement regarding the occasional resale of the company’s stock by its shareholders — part of Trxade Group’s efforts to comply with SEC filing standards.
“We have been working diligently on our registration statement since April 2019, and we are extremely delighted to announce that the SEC has informed the company that its S-1 Registration Statement is now effective. The S-1 Registration Statement lays the groundwork for transparency, oversight and financing program,” CEO Suren Ajjarapu stated in a news release (http://nnw.fm/NmCZ1).
Trxade is building a reputation as “the trusted pharmaceutical marketplace” in an effort to provide the more than 10,500 independent pharmacies that subscribe to its software trading platform with competitive drug pricing options and reduced product shortages while working reliably within U.S. pharmaceutical distribution channels and without production modification.
Its services include its Internet-based purchasing platform, E-Hub-linked pharmacist network and consumer drug delivery services. Trxade also offers pharmacies predictive data analytics features and same-day delivery options to help manage availability concerns.
The company’s first quarter financial results showed record quarterly revenues of $1.512 million, as well as a record number of subscribers, an increase in operating income and increasing net income (http://nnw.fm/JCi1H).
Drug development remains a prime mover in the biopharmaceutical industry as companies continue to raise unprecedented amounts of capital while advancing toward Food and Drug Administration (FDA) approval for promising new therapies to supply an increasingly health-conscious society searching for solutions to maintain rewarding lifestyles. Health care investment advisers at Edgemont Partners note that combined public and private market funding for pharmaceutical companies, mostly for drug development, has exceeded $100 billion annually since 2015 but was less than $40 billion per year prior to that (http://nnw.fm/950Ak).
New and upcoming drug options also raise concerns about how consumers can obtain the most affordable products, especially amid news of astronomical generic drug price increases fueling a recently filed price-fixing lawsuit (http://nnw.fm/bAZt8). Trxade’s services help independent pharmacies negotiate directly with drug makers without becoming dependent on the services of brokering third-party pharmacy benefit manager companies (PBMs) that may also harm independent pharmacies with their own opaquely administered fees (http://nnw.fm/iN8ry).
“Trxade’s business focus is to become a leader in the PharmacyTech industry to meet the growing demand for supply chain and drug prices transparency technologies,” the company’s news release states.
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates relating to TRXD are available in the company’s newsroom at http://nnw.fm/TRXD
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