- Trxade Group is actively working to reverse a negative phenomenon known as ‘pharmacy deserts’ that is affecting many parts of the U.S.
- Trxade is providing a solution that empowers small, independent pharmacies by giving them access to competitive pricing and reliable supply options
- Due to the demand, Trxade Group is also working on new product offerings that will expand the predictive analytical capabilities of community-based and independent pharmacies
As independent pharmacy businesses struggle to overcome various challenges, the U.S. is facing a growing problem with the so-called ‘pharmacy deserts’ phenomenon, which results in entire areas left without pharmacy services. One of the main reasons that so many smaller, independent industry players close down shop is that they cannot successfully compete against large pharmaceutical chains. Companies like Trxade Group Inc. (OTCQB: TRXD) are working to reverse the trend.
Trxade Group is an integrated pharmaceutical services company that has developed a web-based purchasing platform for transactions between independent pharmacies and drug distributors. The system is characterized by an optimum buyer/seller pricing algorithm, information about product availability and predictive data analytics.
Of more than 65,000 pharmacy facilities operating in the U.S., 24,000 are independent. The aim of the Trxade’s platform is to support local, independent pharmacies through the identification of the best sourcing and pricing opportunities for prescription drugs.
Independent pharmacies struggle due to the large capacity of national and international drugstore chains. These chains acquire products in bulk, which means that their supplies are available at a reduced cost in comparison to what a smaller, independent pharmacy would get as a price quote.
Additionally, problems arise from the work of the pharmacy benefit managers (PMBs) who process claims. Currently, PMBs work for Medicare, Medicaid and commercial health plans with the intent to reduce benefits for the pharmacies to bring down expenses for insurers. The situation with state Medicaid patient coverage has become so troublesome that numerous independent pharmacies across the U.S. have had to discontinue operations.
Reports suggest that the absence of independent community pharmacies is harming patients. Local businesses are perceived as members of the community, and the pharmacists working at independent enterprises often go the extra mile to ensure the availability of important medications for elderly or disabled patients.
Trxade Group is constantly working to empower independent and community-based small pharmacies. Apart from its already established platform, TRXD is also planning the launch of new products in the near future.
New product offerings have been developed to address customer demand, offering increased data analytics capability and better inventory/cost management, as TRXD Chairman and CEO Suren Ajjarapu detailed in a news release.
TRXD’s network of independent pharmacies is also growing rapidly. By the end of June 2019, the company had registered the addition of 390 new independent pharmacies to its platform. This number represents an increase of 24 percent on a quarterly basis and of 137 percent on an annual basis.
The company’s current trading software membership has reached the impressive 10,500 pharmacies milestone. This massive number and the growth registered so far in 2019 have TRXD optimistic about the future.
For more information, visit the company’s website at www.TrxadeGroup.com
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