- Trxade Group Inc.’s technologically nimble health care platform and network help community-based pharmaceuticals meet the challenges of providing medications and medical consultation at lowering costs with efficiency and operational transparency
- The company’s year-end financial statement for 2019 shows revenues grew by nearly double over the previous year, and company officials expect to continue building on their success for 2020
- As the current novel coronavirus pandemic drives quarantine-like social distancing policies, Trxade’s telehealth services make it easier for patients to access licensed medical professionals from virtually anywhere via personal technology for consultation
- The company’s ‘Bonum Health Hub’ will include free prescription delivery to subscribers via Trxade’s DelivMeds subsidiary
Year-end financial results reported by Trxade Group Inc. (NASDAQ: MEDS) underscore the company’s expectations that 2020 will be a successful year of growth for the integrated pharmaceutical services firm (http://ibn.fm/wzTRs) despite the economic ravages industries are experiencing worldwide as a result of the COVID-19 pandemic.
Trxade reported a 94.1 percent increase in annual revenues at the end of 2019, primarily as a result of growth in fee income for medications listed on the company’s web-based market platform that enables trading among health care buyers and sellers of pharmaceuticals, accessories and services. Sales fees are associated with sales from generic, brand and other over the counter medications (http://ibn.fm/DpN4l).
Because 2019 was also the first year that revenues from Community Specialty Pharmacy’s operations were reflected across all 12 months of the year, the web-accessible pharmaceutical operation also was a significant driver in the year-end results. Trxade also saw operating income rise from a loss of $87,616 in 2018 to a gain of $125,244.
The growing smart technology utility of Trxade’s subsidiary operations is an exciting achievement, beginning to come online right in the middle of the worldwide pandemic threat that has led hospitals and clinics to scale back their accessibility in order to help prevent the spread of the virus, focus their resources on “essential” emergency services without becoming overwhelmed, and to reduce expenses related to non-essential employees during the pandemic-response interim.
Trxade’s ‘Bonum Health Hub’ availability as a service that lets patients obtain medical consultation via secure, privacy-enabled smart technology without the need for in-person clinic visits furthers health officials’ efforts to limit the spread of the novel coronavirus through “social distancing” measures while also ensuring that patients can obtain caregiver advice on health conditions and concerns (http://ibn.fm/kdwPr).
The service provides subscribers with three premium medical teleconferencing visits through Bonum Health and prescription delivery through the company’s DelivMeds same day/mail order pharmaceuticals service each month under the standard membership rate.
“With the seasonal flu outbreaks and the current coronavirus surge, patients are quick to brush off common symptoms, including cough, fever and body aches, as signs of a common cold; Telemedicine removes the barrier of self-doubt and complacency in the current climate of world-wide viral infections,” the company stated in a news release (http://ibn.fm/BrWLY).
In the meantime, Trxade’s sales department continues to add customers through direct marketing and customer training. The company’s common stock was approved for listing on The Nasdaq Capital Market in February, providing increased opportunities for investor acquisition.
“The market is slowly changing towards one where medications will become commoditized and influenced by price rather than the business relationships imposed by the dominant participants of the past,” the company’s financial statement adds. “We believe that pharmacies in due course will face increasing pressure to source medications as inexpensively as possible and improve operational efficiency. Trxade seeks to be in the forefront of solving these transparency and pricing concerns.”
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://ibn.fm/MEDS
