- The nation’s 24,000 independent pharmacies exemplify the difficulties of small, locally based community businesses competing against larger, more consolidated corporate enterprises
- Trxade Group is a pharmaceutical services company that empowers independent pharmacies to efficiently obtain the best products at the best times to suit their customers’ needs
- Nearly half of the nation’s small pharmacies have become Trxade platform members, granting them a measure of collective bargaining power
- Trxade assesses a transaction fee to competing drug distributors while sparing the pharmacies from fees, and, in June, the company reported record revenues of $1.9 million
The ongoing development of consumer-based technology has increased the number of business consolidations that establish ever-larger corporate entities seeking greater profits from greater geographical areas, while diminishing the small mom-and-pop intimacy of locally focused businesses such as independent pharmacies whose business structure may literally be a family striving to inject a bit of confidence and neighborly friendliness into the retail market.
In the case of independent pharmacies, a number of defenders have arisen in recent months to help the small businesses protect health-sustaining services that can be so vital to patients looking for an extra measure of kindness while dealing with individual and often private difficulties (http://ibn.fm/2Oa8q). Pharmaceutical services company Trxade Group Inc. (OTCQB: TRXD) has developed its own approach to empowering the neighborhood pharmacy, helping medicinal drug distributors find some strength in numbers through its S2P pharmaceuticals trading platform.
The Trxade platform recognizes that suppliers may reprice inventory on a daily basis and that retailers may allow inventory they’ll need to drop to low levels before trying to restock it. The platform allows independent pharmacies to maintain up-to-the-minute pricing information for competitive cost-effectiveness, and better control of their inventory levels with the help of predictive data analytics.
The nation’s 24,000 independent pharmacies have an estimated annual purchasing power of over $92 billion, and more than 10,650 of them have become subscribing members of the Trxade platform. Trxade does not assess membership or transaction fees to pharmacies, but instead generates revenues from drug sellers through individual transaction fees they pay. For the quarter ending June 30 the company reported record revenues of $1.9 million (http://ibn.fm/JkHmP).
Pharmacies can use the platform to compare the drugs offered by various suppliers and select the most favorable deals.
In the meantime, Trxade continues working to add multiple sales channels to its platform, such as goods other than drugs. And the company is helping to get telemedicine counters in its member pharmacies.
“Trxade Group in time is becoming the epicenter of good pharmaceutical practice and fair trade at a time when healthcare law has just begun to focus on cost cutting and efficiency,” President, COO and Director Prashant Patel stated in a message on the company’s website (http://ibn.fm/N3PMR). “We offer the missing piece to the new Affordable Care Act by helping reduce pharmaceutical costs and thus play a major role in tomorrow’s new healthcare era.”
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
