- Trxade offers drug producers and distributors a transparent trading platform with significant discounts for pharmacies
- Platform currently has 11,500 independent pharmacies as registered users, reaching an estimated 12 to 15 million patients
- The company plans to add other healthcare providers to its platform in a future phase
- During Q3 2019 the company recorded a significant 173 percent increase in revenues
- Subsidiary Bonum Health established a partnership with Benzer Pharmacy to launch health hubs in areas where residents don’t typically afford primary or collaborative care
Business-to-business pharmacy services supplier Trxade Group (NASDAQ: MEDS) (OTCQB: TRXD) has remained consistently profitable over the last couple of years, reporting seven consecutive quarters of revenue growth, as it continues to expand its services and reach more patients nationwide, CEO Suren Ajjarapu said in a recent interview with NetworkNewsWire (http://nnw.fm/uCMu0).
Offering an online purchasing platform for transactions between independent pharmacies and drug distributors, along with a mail order pharmacy, a Telemedicine platform and drug delivery service, Trxade has registered roughly 123 percent quarter-on-quarter revenue growth in 2019 compared to 2018, Ajjarapu noted. The company recently announced record revenues that marked a 173 percent increase in year-over-year third quarter sales, driven largely by last year’s acquisition of Community Specialty Pharmacy, LLC, a Florida-based business-to-consumer operation that includes online access certified independently with 15 state licenses (http://nnw.fm/vN4V2).
Trxade’s proprietary web-based e-commerce platform enables trade among pharmaceutical, accessory, and service buyers and sellers. Currently, the platform has about 11,500 pharmacies as registered users, through which it reaches between 12 million and 15 million patients. The company aims to reach most, if not all, of the estimated 24,000 independent pharmacies currently operating in the U.S., with combined pharmaceutical purchases of $93 billion per year. The company is adding over 100 pharmacies to its platform per month and has plans to soon provide access to other healthcare providers, such as hospitals, veterinary clinics and long-term care facilities.
The trading platform developed by Trxade offers its users a series of measurable benefits, including significant discounts that contribute to a 7-10 percent decrease in the annual purchase expenses for pharmacies; no registration and transaction fees for pharmacies; a simple and intuitive interface that helps pharmacies compare prices and select the best offer with guaranteed security for purchases and payments.
During the interview, Arjjapu also discussed Trxade’s recent acquisition of Bonum Health, which offers similar services with large-chain pharmacies such as CSV, Walgreens and Walmart, that allow patients to both talk to a doctor and pick up medication at the same location. Some locations offer a wide range of other services such as dental, vision and hearing services. Trxade is also ready to make available a growing number of services through the Bonum app. “In the future, patient care is moving from the doctors to the pharmacy side of it,” Ajjarapu said in the interview. “We are taking that challenge ahead of the time now, so that we are prepared for that when it really happens.”
To further expand operations, Trxade recently sealed a partnership between Bonum Health and Florida-based Benzer Pharmacy (http://nnw.fm/CWy45). The goal of this partnership is to create a network of “Bonum Health Hub” units in small towns and rural areas where residents do not typically afford primary or collaborative healthcare. For now, Bonum Health and Benzer Pharmacy plan to open 100 units by the end of 2020. The companies plan to attract various independent pharmacies in this partnership established under the slogan “People First.”
All recent acquisitions and partnerships are part of Trxade’s strategy to increase shareholder value and advance its business model. The company is currently working to uplist its common stock on the Nasdaq Capital Market. “We’ve been under the radar for a long time. We’re trying to create visibility along the investor base by doing the right thing so we can get on to that uplisting,” Ajjrapu concluded.
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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