- Pharmaceutical and health care services company Trxade Group Inc. is enjoying growing attention as it continues to roll out remote-access medical solutions that are suited to the ongoing COVID-19 pandemic and the need to prevent virus transmission
- The company will announce its second quarter financial report July 27 following the close of markets that day
- Telehealth claims to private insurers have grown by 4,347 percent year-over-year during the past few months in which the pandemic has swept the planet
- Trxade Group’s introduction of the Bonum Health Hub and online pharmaceutical ordering and delivery services has driven the company’s customer responsiveness during the pandemic
- The company’s core focus has been to sustain independent pharmaceutical and health care providers by helping them gain access to transparency in drug pricing and other aspects of business so they can be competitive with larger chains
Pharmaceutical services provider Trxade Group (NASDAQ: MEDS) has seen its star rising during recent months while working to raise awareness of its medical consultation and prescription drug solutions. As the spread of the novel coronavirus unexpectedly reached pandemic proportions and battered world economies with its infectious spread and the resulting infection-fighting policies, Trxade Group has advanced measures that help patients and providers continue to access resources through a virtual environment safe from contagion.
On July 27, Trxade Group’s management will host a conference call following the close of trading at 5 p.m. EDT to discuss the company’s 2020 second quarter financial results, which will conclude with a Q&A opportunity for participants. Details published by the company provide phone-in numbers for U.S. and international participants as well as the conference ID and the address for the webcast (http://ibn.fm/hTZJs).
A playback of the conference call will be available through Aug. 27, as will the webcast. The webcast will also be accessible under the company website’s investor relations heading.
Trxade Group uplisted to the Nasdaq exchange earlier this year (http://ibn.fm/01GnB) and last month it gained inclusion on this year’s Russell’s Microcap Index (http://ibn.fm/lH3UN), measures that are helping to raise the company’s profile within the investment community. Investment services firm Taglich Brothers, Inc. has begun providing coverage to Trxade through its research division as well to create and distribute research reports on the company and its market (http://ibn.fm/2EcWN).
Even before the emergence of the pandemic, Trxade Group was introducing and bolstering services that help small, independent pharmacies to shop competitively for medications, patients to have those medications delivered promptly and safely without the need for traveling to a pharmacy, as well as medical providers to be accessible through smart-tech secured telemedicine applications.
Strategic acquisition of Internet drug outlet company Community Specialty Pharmacy, LLC, (http://ibn.fm/wXTOK) and Bonum Health (http://ibn.fm/BMKiC) has allowed the company to lay the groundwork for an increased demand on telehealth services.
During the COVID-19 crisis, telehealth services have seen astronomical expansion. Telehealth claims to private insurers have grown 4,347 percent year-over-year (http://ibn.fm/dD2oy), CVS Health saw 600 percent growth in telehealth and virtual visits through its MinuteClinics in the first quarter of 2020 (http://ibn.fm/Zl83M), Blue Cross and Blue Shield of Tennessee saw 50 times more telehealth visits in May compared to their normal amount (http://ibn.fm/2P1Cd) and Blue Cross of Idaho processed more than 90,500 telehealth claims between March and June, with telehealth now representing more than one-quarter of all claims (http://ibn.fm/gpdww).
If the telemedicine services remain popular with patients and insurance providers continue to be responsive to reimbursing telehealth claims, market analysts at McKinsey & Company forecast a $250 billion market (http://ibn.fm/C5J8m) while Frost & Sullivan projects a seven-fold increase by 2025 (http://ibn.fm/RwJeh).
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