- While independent pharmacies are currently struggling due to market consolidation, there are revenue generation opportunities to be seized
- Technological solutions can give independent pharmacies more information about their customer profiles, enabling personalized campaigns
- Trxade Group has made it possible for small pharmacies to seek the most affordable drug sources and to also collect valuable data to optimize their performance
Competition continues to be a major challenge for small and independent pharmacies to overcome. As mass merchants try to consolidate with smaller industry representatives in an attempt to dominate the market, many of the independent pharmacies could perish, as a pharmacy outlook report suggests (http://ibn.fm/bVGHZ).
Independent pharmacies, however, can also benefit from massive growth opportunities in the years to come. When looking for such opportunities, potential clients are predominantly interested in proximity. Independent pharmacies are found within the community, and they’ve been known to provide a better, much more personalized service than some of the larger, national chains.
The pharmaceutical industry is anticipated to grow at an annualized rate of 5.7 percent through 2022. At this pace, the market will reach $393.1 billion by the end year of the forecast period, creating excellent opportunities for well-established industry representatives.
Independent pharmacies still have the capacity to generate extra revenue through modernization and the selection of integrated data analysis/management solutions. The adoption of tech offerings like those developed by Trxade Group Inc. (OTCQB: TRXD) is one of the ways to gain competitive advantage.
Trxade Group’s Trxade Exchange opens and widens distribution channels from which independent pharmacies can benefit. Users of the service can view products from manufacturers, wholesalers and buying groups. Real-time information enables independent pharmacies to benefit from the lowest prices at any given time.
The trading software’s membership has reached 10,500 pharmacies out of the 24,000 independent establishments in the U.S. By joining the Trxade Exchange, these pharmacies can compete with large pharmaceutical chains’ ability to buy in bulk and benefit from the lowest prices possible.
Through its platform, as well as the upcoming launch of other innovative products, Trxade Group is working hard to empower small, independent pharmacies. The company announced that, due to high demand, it will continue rolling out innovative products in the future. New product offerings have already been developed to offer increased data analysis capacity and better inventory/cost management.
User analytics is one of the primary tools that independent pharmacies can rely on to increase revenue (http://ibn.fm/lQEwh). When relevant information is being collected on an ongoing basis, pharmaceutical businesses can understand what motivates customers and how to optimize each individual relationship. Through access to the right information, smaller pharmacies can experiment with pricing policies, promotional campaigns and loyalty programs that are bound to generate repeat business.
Trxade Group is an integrated pharmaceutical service company that offers a unique combination of web-purchasing capabilities for transactions between independent pharmacists and drug distributors, a network of pharmacies with E-HUB software, a specialty pharmacy and warehouse and drug delivery services.
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://ibn.fm/TRXD