- Pharmaceutical services business Trxade Group Inc. continues to build on a decade’s experience in sustaining independent health care providers by expanding its revenue base and number of subscribers to its business-to-business platform
- The company recently reported year-over-year revenue growth of 173 percent for its third quarter
- Trxade Group’s financial growth is largely due to income from its acquisition of Community Specialty Pharmacy, LLC last year, and the company continues to expand its medical service opportunities and revenue base with a new online consultation feature
- The online consultation service will establish “health hubs” through independent pharmacies so underserved patients can consult face-to-face with board-certified medical providers in a secure environment and then access needed prescriptions
- Trxade Group will present its accomplishments at this month’s LD Micro Main Event in Los Angeles, where members of the investment community focused on the microcap space will gather December 10-12
- The LD Micro Main Event will be attended by more than 1,400 individuals with presentations by 275 businesses
Business-to-business pharmacy services supplier Trxade Group (NASDAQ: MEDS) (OTCQB: TRXD), a health care industry influencer passionate about sustaining independent, community-based drug store operations, will round out a year of continued expansion by presenting its corporate operations to attendees at this year’s LD Micro Main Event microcap financing opportunity.
The LD Micro Main Event is an influential gathering of the investment community focused on the microcap space. This year’s 12th annual event will take place in Los Angeles on Dec. 10-12 and will be attended by more than 1,400 individuals. Trxade Group will present during the event’s opening day, helping to get the ball rolling at 9:40 a.m. local time.
“This year’s Main Event is our largest event to date, with 275 companies set to present and meet with investors,” LD Micro President Chris Lahiji stated in a news release announcing Trxade’s appearance (http://nnw.fm/cG2Tp). “Even though LD has emerged as one of the largest and most influential organizations in the space, our focus has never deviated from showcasing some of the more interesting businesses in the world to our ever-growing community. Investor interest in our events has also never been stronger, and that goes for our commitment to philanthropy as well.”
Trxade Group is developing its growing platform of integrated drug procurement, delivery and health care services that enables independent pharmacies as well as product sellers to competitively strengthen their business profiles through price transparency and increased profit margins for their own pharmaceuticals, accessories and services.
The company recently announced record revenues that marked a 173 percent increase in year-over-year third quarter sales, driven largely by Trxade Group’s acquisition of Community Specialty Pharmacy, LLC last year. Community Specialty Pharmacy’s Florida-based business-to-consumer operation includes online access certified independently with 15 state licenses (http://nnw.fm/vN4V2).
The company’s network of subscribers on its supplier-to-pharmacy trading platform also had grown by 431 new independent pharmacies by the end of the quarter, showing a 54 percent increase from a year earlier.
Trxade Group further augmented its members’ health care capacities by finalizing an agreement in November between its subsidiary Bonum Health and Benzer Pharmacy, a chain of independent retail pharmacies in Florida, to launch the ‘Bonum Health Hub’ initiative. The health hub will include a secure virtual examination room through which 800 board-certified medical providers and patients can use face-to-face consultation methods via a protected online portal to address health care concerns (http://nnw.fm/CWy45).
The health hub will launch during the next three months and will extend the reach of independent pharmacies in both rural and urban communities where traditional medical services may not be close at hand or where some members of the community may not be able to afford those services, especially if they lack insurance coverage.
The Bonum Health Hub will provide the technology and capabilities for patients to fill prescriptions within the same pharmacy where the health hub is located. The initial pilot will take place at Benzer locations, then expand throughout Trxade Group’s network of thousands of registered pharmacies nationwide. CEO Suren Ajjarapu stated there are plans to have 100 Benzer Pharmacy locations providing collaborative care by the end of 2020 and then for the model to continue to expand throughout the company’s network.
“This new milestone will not only encourage patients to take medical care into their own hands but will also allow uninsured patients to get the help they need for an affordable price, and from the convenience of a community pharmacy,” Benzer Pharmacy President Alpesh Patel stated in a news release announcing the agreement (http://nnw.fm/OG7dK).
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://nnw.fm/TRXD
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