- The global online pharmacy market is expected to continue growing rapidly through 2024, at a CAGR of 17.5 percent
- Innovative pharmaceutical solutions providers like Trxade Group are set to benefit from this trend
- Trxade Group already offers a web-based platform for supplying local independent pharmacies in the U.S., and the company’s mobile app gives patients access to same-day prescription medication deliveries
The global online pharmaceuticals market is projected to grow rapidly, at a CAGR of 17.5 percent through 2024, as detailed in a report titled ‘The Online Pharmacy Market: Global Industry Analysis’ from ResearchAndMarkets.com (http://nnw.fm/xloS6). Several factors are expected to contribute to the growth, such as increased internet usage around the world, better health care infrastructure development and rising awareness about the benefits of ecommerce transactions.
By 2023, the global online pharmacy market is anticipated to reach $128 billion, in comparison to $29.4 billion in 2014 (http://nnw.fm/R4FzS). Companies like Trxade Group Inc. (OTCQB: TRXD) are contributing to the realization of such trends through innovative developments and easy access to user-friendly web-based services.
The Trxade online pharmaceutical purchasing platform helps independent pharmacies operating in the U.S. to identify the best possible suppliers and prices. Currently, Trxade operates the largest online pharmaceutical marketplace in the U.S. that reduces annual pharmacy purchase costs by anywhere from seven to 10 percent, on average.
To participate in the platform, pharmacies pay no fees or recurrent memberships. Additionally, the platform prioritizes the user-friendliness of its layout to ensure effortless price and supplier comparisons. Trxade Group earns from transaction fees that sellers have to pay via the platform. In addition, the company focuses on the consumer side of the pharmaceutical industry. A simplified buying process and transparency in terms of pricing are both prioritized. In addition, the company ensures reliable delivery directly to independent pharmacists and consumers.
The company continues working in that direction to offer more innovative, faster and reliable services to consumers in the U.S. Trxade Group recently announced the launch of same-day prescription deliveries via its DelivMeds app (http://nnw.fm/4NrBT). DelivMeds employs artificial intelligence (AI) to determine the best transportation methods and ensure same-day prescription deliveries. Through the app, patients can get same-day dispensed prescriptions and medication refills from local, independent pharmacists.
According to Trxade Group CEO Suren Ajjarapu, the platform is currently indirectly delivering drugs to over 12 million consumers through the company’s independent pharmacy network. The Trxade Group network of independent pharmacies features 10,250 businesses, and the target is set at 24,000 U.S. independent pharmacies.
DelivMeds is available for free download via Google Play and the Apple App Store. The app’s emphasis on local, independent pharmacies allows for personalized services and a focus on quality patient care, Ajjarapu said in a news release. Hence, the model works in the patient’s best interest, especially when people cannot wait more than a day to receive their prescription medications.
Trxade Group is an integrated pharmaceutical services company that offers a unique combination of an online purchasing platform, a network of pharmacies with E-Hub software, a mail order pharmacy and an extensive drug distributors network. The company was founded in 2010 in Tampa, Florida. Ever since the start, its primary goal has been to penetrate the extensive independent pharmacy market and diversify the company’s pharmaceutical mix with specialty and acute care products.
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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