TRxADE GROUP, INC. Launches New Enhancements to Trading Platform
TRxADE GROUP, INC. Launches New Enhancements to Trading Platform
SOURCE: Trxade Health, Inc.
Press Release | 10/02/2018
TAMPA, FL / ACCESSWIRE / October 2, 2018 / Trxade Health, Inc., (OTCQB: TRXD) a web-based market platform with 9,300 registered independent pharmacy customers that enables its customers to quickly source and purchase pharmaceuticals, accessories and services from a wide range of manufacturers and drug distributors today announced new enhancements to the trading platform.
Jariel Morales, Executive Vice President of Trxade Health said, “As we continue on our path of being a premier healthcare solutions provider, our team has focused on the voice of the customer and expanding our portfolio to provide additional services to our members that increase their bottom line revenue, increase the number of patients they see each month, and provide alternative health solutions to their patient base. By focusing on the voice of the customer and their direct needs, we experienced record-breaking figures this quarter where we experienced a record-breaking number of buyers, orders per day, and line items/products sold per day. We look forward to meeting the demands of our members and continuing to see the growth we are experiencing through the 4th quarter.”
Launched Trxade Release Version 1.17 on our Nova platform.
- New and advanced filters allowing members to select VAWD, VAWD Pending, or Non-VAWD Suppliers and filter their favorite products by Brand or Generic.
- We continuously focus on making it easier to find significant savings on products for our Pharmacy members and this release helps meet that goal. We launched recommended products at the shopping cart level to help our Pharmacy members meet the minimum per order required via data analytics. This feature informs them of products their peers are procuring through the platform by each supplier including auto selecting the preferred method of shipping.
- We are proud to announce that this release also features our updated dashboard displaying additional product lines trending including Vials, Test Strips, Alcohol Pads, Syringes, and other categories our members report significant savings versus their primary wholesalers. The new updated Dashboard also focuses on Trending items tied to an algorithm which features artificial intelligence to provide the best priced products to each member based on buying patterns yielding a maximum significant time and cost savings.
- “Do Not Contact” feature has been implemented allowing our Pharmacies to request marketing “opt-out” from up to 45 wholesalers with just one click.
- We have also incorporated Orange Book ratings for Rx products, as well as Unit of Measure on each package size.
- New updated Dashboard that focuses on Trending items tied to an algorithm featuring artificial intelligence providing best priced products to each member based off buying patterns yielding a significant time and cost savings.
About Trxade Health, Inc.
Headquartered in Tampa, Florida, Trxade Health, Inc. (OTCQB: TRXD) is a web-based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Founded in 2010, Trxade Health currently operates the trading platform with 9,300 registered members. For additional information please visit us at http://www.trxadehealth.com.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The company undertakes no duty to update forward-looking statements.
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Senators to Trump: Reduce Drug Pricing
Senators Ask President-Elect Trump to Reduce Drug Pricing
In a letter dated December 20, 2016, Senators Sherrod Brown (D-OH) and Al Franken (D-MN) asked President-elect Trump to help lawmakers bring down prescription drug prices. The letter was co-signed by 18 other senators, including Bernie Sanders (D-VT) and Elizabeth Warren (D-MA).
The letter to President-Elect Trump begins, “During your campaign, you promised to implement bold reforms to bring down the cost of prescription drugs. In fact, you acknowledged that ‘Congress will need the courage to step away from the special interests and do what is right for America’.” The letter goes on the say that Trump supported allowing consumers’ access to imported, safe, and dependable drugs from overseas and vowed to negotiate lower prescription drug prices for seniors.
The letter also states that drug companies often engage in abusive tactics that price lifesaving drugs out of reach for those in need. The Senators tell Trump that it is time to enact policies that improve transparency and competition in the commercial market and make the government a smarter purchaser of prescription drugs. (Hey, Trxade advocates for transparency, competition, and smarter pharma purchases, too!)
The letter continues with the following five administrative and legislative actions (the letter details each one) that Trump can take in partnership with both parties in Congress:
1. Give the Secretary of HHS the authority to negotiate drug prices
2. Increase transparency
3. Stop abusive pricing
4. Protect and incentivize true innovation
5. Ensure true competition
The letter concludes by asking Trump to prioritize prescription drug pricing reform while in office.
Click here to read the full letter, complete with the Senators’ signatures:
Community Pharmacists Serve an Important Role
Community Pharmacists Serve an Important Role
In honor of American Pharmacists Month, we would like to show our appreciation for community pharmacists and the special value they provide each day. While the challenges independent pharmacies face increase, so does their importance in our American communities.
The following discussion includes four ways in which independent pharmacists provide a significant benefit to our healthcare system.
Community pharmacists serve tremendous value to their patients and their patients’ physicians by assisting with drug compliance. Pharmacists can help their patients better adhere to their medication regimens by providing greater information on their prescriptions and known side effects, by implementing unique medication packaging, by having their doctors use electronic scripts, and by providing services such as compounding and prescription delivery.
Another way to enhance patient compliance is by implementing a prescription synchronization system, such as SyncRx. Developed by an independent pharmacy owner, Jason Turner, SyncRx places patients who take regular medications, such as diabetic patients and those suffering from heart disease, on a synchronized schedule for prescription refills. A monthly schedule provides convenience to patients and streamlines the pharmacy schedule and is proven to improve patient outcomes.
Drug compliance is a crucial component of treatment and therefore, pharmacists can plan a pivotal role in the health of their patients.
Health and Wellness
With a growing desire for health and wellness products and services, community pharmacists are in a unique position to be seen as local wellness experts. Peter J. Larkin, president and CEO of the National Grocers Association, has some interesting points about expanding the role of community pharmacists in the retail grocery setting.
In an article published by Larkin in April 2016, he cites a recent Accenture report that forecasts that the consumer healthcare market will grow by almost 50 percent to $737 billion over the next five years. “The trend to a healthier lifestyle, along with an aging population, has prompted retailers to expand their health and wellness offerings and in-store programs,” he states.
Larkin continues by discussing a recent consumer trends study, conducted on behalf of the National Grocers Association by Nielsen, that shows that nearly half of respondents who primarily shop at an independent supermarket reported a there was a pharmacy within the store. “This reinforces a broader retailing fact-of-life: today’s full-service supermarket is thought of as not just a store, but also as a community resource for food, prescriptions and much more,” says Larkin.
“While supermarkets of all sizes are trying to capitalize on the health and wellness uptick, independent supermarket operators are in a unique position to make the most of this movement through the relationships they have already created with local health care specialists, including community pharmacists.”
According to Larkin, about one-third of the nation’s retail prescription medications are dispensed by community pharmacies, of which approximately 8,000 are in grocery stores.
“Similar to independent supermarket operators, with their strong community roots and deep understanding of what their customers want, community pharmacists are able to provide traditional and expanded pharmacy services to meet the desires and expectations of current and potential patients”.
The Association of American Medical Colleges projects that by 2020, there will be more than 91,000 fewer doctors than needed to meet demands for patient care. Pharmacists can provide greater access to care for patients in rural or medically underserved areas.
“Enabling pharmacists to more fully utilize their education, training and expertise, and be more integrated into the patient’s health care team will also improve health outcomes and greatly benefit specific populations with chronic disease; including those with diabetes and cardiovascular disease,” according to NCPA.
“Small, independent community pharmacies are often located in rural or highly-urban areas, where larger, chain stores might not be as willing to locate,” according to NCPA. “Community pharmacists can play a continually increasing and integral role in bringing access to care to those areas of the country, and beneficiaries, who need it most.”
Community Pharmacists provide an increasingly important role for cancer patients and the oncology physicians who treat them.
In an interview with Pharmacy Today, Community Pharmacist Jennifer Riss, PharmD, and Pharmacy Manager at Cub Pharmacy near Minneapolis, understands how difficult it is for many patients with cancer to understand their often-complex medication regimens. “Patients often go from never having taken medication to requiring several,” she said. “I make sure the patient ultimately understands the medication regimen and knows what to expect in terms of side effects and how drugs interact. The more the patient knows, the more empowered and more successful they will be in taking their medications.”
Riss knows that even though patients may have received instructions about their medications at the clinic or hospital, she believes it is important for the community pharmacist to reaffirm those instructions. “Many of these patients are overwhelmed; we should not assume they’ve received the information before their pharmacy visit,” explained Riss.
In conclusion, Trxade commends our independent pharmacists and pharmacy owners for all that they do to improve the health and lives of their patients. Because of their expertise and commitment to quality care, the entire American healthcare system benefits.
Trxade Health, Inc. Reports Second Quarter 2016 Financial Results
Company Expects Accelerated Growth Ahead
| Source: Trxade Health, Inc.
- Second quarter 2016 revenues increased 45% from same period in 2015
- Number of S2P independent pharmacies continues to expand, now over 5,860
- Company has launched Gabapentin tablets in second quarter 2016
- Expects fast track growth through private label pharmaceuticals
TAMPA, Fla., Aug. 08, 2016 (GLOBE NEWSWIRE) — Trxade Group, Inc., (OTCQB:TRXD), a web-based market platform enabling its independent pharmacy customers to quickly source pharmaceuticals, accessories and services from a wide range of manufacturers and distributors today reported record financial results for its second quarter ended June 30, 2016.
Company Achieves Record Second Quarter Financial Results
Revenues for the three months ended June 30, 2016 increased 45% to a record $1,688,990, compared with $1,167,195 for the same period in 2015. The increase in revenues for 2016 was primarily due to increased sales from the Company’s wholesale pharmaceutical division.
Cost of sales in the quarter increased to $1,039,889 compared to $382,004 in the year-ago quarter. This increase was primarily attributable to an increase in pharmaceutical sales, which has a higher cost of sales than the Company’s other revenue sources. Gross profit for the three-month period ended June 30, 2016 was $649,101 compared with $785,191 a year ago.
The net operating loss for the three-month period ended June 30, 2016 and 2015 was ($1,013,394) and ($26,448), respectively. The increase is attributable to initial infrastructure expenses for the Company’s private label pharmaceutical distribution.
Company CEO Sees Accelerated Growth in Coming Quarters
Commenting on the Company’s record second quarter results, Suren Ajjarapu Trxade Group Chairman and Chief Executive officer, said, “We are pleased with the significant progress we achieved during the second quarter of 2016. Launching new private label products and crossing 5,800 registered pharmacies on our S2P platform was a major milestone for our company. We are encouraged by the early feedback received from our network of independent pharmacies using the Trxade Prime platform. These services are producing significant cost savings for our network pharmacies and will continue to be one of the driving forces for the adoption of our services as our network pharmacies continues to expand.
“We enter the third quarter of 2016 well positioned across our products from a marketing, online experience and private label distribution standpoint. We expect significant growth in our private label distribution to continue, which will be the key to the success of our business strategy moving forward. We remain focused on our execution and expect accelerating growth and a clear path towards profitability in the coming quarters,” Mr. Ajjarapu concluded.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Health, Inc. (OTCQB:TRXD) is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Founded in 2010, Trxade Health currently operates the trading platform with over 5860 registered independent pharmacy members. Trxade Health also distributes private label pharmaceuticals through their 100% subsidiary Westminster Pharmaceuticals. For additional information please visit us at http://www.trxadehealth.com.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The company undertakes no duty to update forward-looking statements.
(Financial Tables to Follow)
|Trxade Health, Inc.|
|Consolidated Statements of Operations|
|Three months and six months ended June 30, 2016 and 2015|
|Three months ended||Six months ended|
|Cost of Sales||1,039,889||382,004||2,055,971||612,467|
|General and Administrative||1,662,495||811,639||2,803,311||1,719,960|
|Loss on Debt Extinguishment||37,579||–||37,579||–|
|Basic loss per Common Share||$||(.04||)||$||(.00||)||$||(.05||)||$||(.02||)|
|Diluted loss per Common Share||$||(.04||)||$||(.00||)||$||(.05||)||$||(.02||)|
|Basic weighted average number of Common Shares outstanding||31,468,245||31,269,160||31,468,245||31,269,160|
|Diluted weighted average number of Common Shares outstanding||31,468,245||31,269,160||31,468,245||31,269,160|
|Trxade Health, Inc.|
|Consolidated Balance Sheets|
|June 30, 2016 and December 31, 2015|
|June 30, 2016||December 31, 2015|
|Accounts Receivable, net||373,653||498,100|
|Prepaid Net Assets||203,558||201,361|
|Total Current Assets||1,435,536||2,027,670|
|Liabilities and Shareholders’ Equity (Deficit)|
|Promissory Note, net of $37,500 and $15,000 discount||212,500||235,000|
|Convertible Note, net of $0 and $35,697 discount||165,000||164,303|
|Total Current Liabilities||1,339,431||1,052,265|
|Long Term Liabilities|
|Convertible Note net of $256,273 and $241,612 discount||943,727||708,388|
|Series A Preferred Stock, $.00001 par value, 10,000,000 authorized; 0 and 0 issued and outstanding, as of June 30, 2016 and December 31, 2015||–||–|
|Common Stock, $0.00001 par value; 100,000,000 shares authorized; 31,535,827 and 31,269,160 shares issued and outstanding, as of June 30, 2016 and December 31, 2015, respectively||315||314|
|Additional Paid-in Capital||6,275,229||5,915,674|
|Retained Earnings (Deficit)||(7,123,166||)||(5,648,971||)|
|Total Shareholders’ Equity (Deficit)||(847,622||)||267,017|
|Total Liabilities and Shareholders’ Equity (Deficit)||$||1,435,536||$||2,027,670|
Investor Relations Contact: Phillip Sugarman, Vice President, Investor Relations Phone: 818-280-6800 firstname.lastname@example.org