- Trxade Group helps sustain independent pharmacies through its web-based purchasing platform, network of locally run pharmacies, data analytics and delivery services
- Independent pharmacists often find themselves at the forefront of the battle over health care costs, working to stay afloat as drug costs rise and insurer reimbursements fall
- The value of independent pharmacies lies in the sense of community that they have helped instill for decades among their patients, and, as the small businesses close their doors, they leave behind ‘pharmacy deserts’ bereft of close-to-home services
- Trxade Group reported record revenues of over $1.9 million in its second quarter filing through its services in support of independent pharmacies; its network of such pharmacies continues to grow
Independent, locally operated pharmacies have long been one of the most familiar ways of defining a community’s lifestyle. While their heyday may be decades in the past – an era when teens and adults alike sat on bar stools listening to the jukebox while sipping a soda or enjoying some ice cream – many small business entrepreneurs continue to stubbornly define their pride in their local neighborhoods by the traffic that comes through the family-owned pharmacies’ front doors.
Florida-based Trxade Group Inc. (OTCQB: TRXD), a pharmaceutical services network that has established its own community of trust, technology and transparency through a trademarked supplier-to-pharmacy (S2P) trading platform, is bringing the buyers and sellers of medicinal products and services together to support the locally minded independent businesses nationwide, helping them to identify the best available sourcing and pricing for prescription drugs.
A key challenge to the existence of independent pharmacies in the modern era is the capacity that larger drug store chains have for buying pharmaceutical products in bulk, thereby getting larger supplies at reduced costs. Those difficulties have been exacerbated as the pharmacy benefit managers (PBMs) designed to process claims for pharmacies have turned to working for Medicare, Medicaid and commercial health plans – their aim now to manage pharmaceutical benefits and keep insurers’ costs low (http://ibn.fm/CniN7).
A news media series of reports on ‘pharmacy deserts’ cropping up across Ohio and elsewhere in the United States (http://ibn.fm/11Fpk) as independent businesses close their doors expresses particular concern about the strain created by low reimbursement rates for state Medicaid patient coverage. Even many physicians are turning away potential patients over the state insurers’ record of poor reimbursement and complicated procedures for obtaining reimbursement (http://ibn.fm/sw932).
When the independent, locally owned businesses suffer, patients suffer as well. After the CVS network bought and closed the Lonsinger Pharmacy in Danville, Ohio, two years ago, the town’s librarian told The Columbis Dispatch (http://ibn.fm/Ysr0Q) that one elderly resident “broke down crying… He said, ‘I can’t walk to Mount Vernon’ (the nearest town where a pharmacy could now be found), but he could walk to Lonsinger’s.” When a Manchester, Connecticut, pharmacy sold its accounts to the national chain this month, one employee reminisced (http://ibn.fm/QvIiO) about how the local employees had “really gone the extra mile, gone to people’s homes, fixed (medicine) boxes, or helped with dosages. On our way home from closing our store at night we made deliveries.”
“That’s what’s good about independent pharmacies. The people that work here, we’re a family,” a former employee at a now-closed independent pharmacy in a Maryland town noted in an article published by The Baltimore Sun (http://ibn.fm/j3IwK).
Trxade Group is working to empower independently owned pharmacies and help them manage their operations through data analysis resources that note where a demand for their products is likely to occur and predictively pairs that information with data on product availability and costs.
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