NetworkNewsWire
Editorial Coverage: Globally, the world is focused on COVID-19,
but the real challenge facing the healthcare industry may be
something much less obvious: accessibility and affordable. Runaway
prescription costs and access to quality healthcare are the
predominant underlying issues of a system that likely will be
severely tested by global COVID-19 pandemic.
While COVID-19 runs rampant worldwide, experts agree that
science and technology will eventually find ways to deal with the
ravaging disease. However, the pandemic has only exacerbated
America’s real healthcare challenge — affordable healthcare and
prescription medicines. The only sensible solution may be to
marshal the forces of innovation and technology to improve and
expand healthcare services, streamline operating expenses, expedite
deliveries and mitigate runaway costs. At the epicenter of a
multibillion-dollar opportunity, Trxade Group Inc. (NASDAQ:
MEDS) (MEDS
Profile) is delivering on a unique business strategy
that makes healthcare and prescriptions more accessible, affordable
and convenient, delineating Trxade in a fractured, inefficient
industry. In testament to market opportunity, Amazon.com
Inc. (NASDAQ: AMZN) has entered the space with its
PillPack platform to simplify the prescription process for
consumers. McKesson Corporation (NYSE: MCK), one
of the largest pharmaceutical providers in the United States,
serves both public and private sectors. Teladoc Health Inc.
(NYSE: TDOC) provides virtual health solutions to millions
of patients around the world, allowing round-the-clock access to
doctors. CVS Health Corporation (NYSE: CVS) goes
beyond the corner drugstore and plays a role in everything from
care-management to cost-management systems, allowing quick
responses to changing patient needs.
- The United States spent $3.6 trillion on health in 2018 and
ranks last in efficiency and patient outcomes.
- Affordability and access are primary drivers of dismal
assessment.
- Technology and innovation provide sensible solutions
To view an infographic of this editorial, click here.
The Challenge
America offers some of the most advanced health services in the
world, but access and affordability remain out of reach for a huge
swath of the population. In fact, Gallup has
identified healthcare as the number-one concern of this country for
the last 18 consecutive years. Healthcare spending now accounts for
about 18% of the nation’s GDP, soaring to $3.6 trillion ($11,172
per person) in 2018.
Even with the most expensive healthcare system in the world, the
United States still ranks last among
industrialized nations in efficiency, equity and patient outcomes.
High costs, difficulty accessing primary care and inefficient
administration plague the U.S. healthcare system. However bleak
this assessment may appear, private sector ingenuity and
technological innovation can provide pathways to expand healthcare
access and mitigate costs.
Technology and Transparency
Leveraging the nation’s 24,000 independent pharmacies,
Trxade Group
Inc. (NASDAQ: MEDS) is delivering much-needed
solutions to the healthcare dilemma. Trxade is rapidly building a
platform of integrated drug procurement, delivery and healthcare
services to facilitate price transparency and increased profit
margins for both independent pharmacies and pharmaceutical product
wholesalers.
Independent pharmacies make up over one-third of all pharmacies
in the United States but lack buying power and technical ability to
compete with the large chains. Identifying a unique opportunity,
Trxade established strong business relationships with this group,
delivering needed technology, consumers and cost savings. Trxade
has created an ever-expanding, closed-loop system of wholesale and
retail-drug purchasing, prescription delivery, telehealth and
customer acquisition. Trxade attacks the inefficient value chain in
the healthcare system, offering drug-price transparency, efficient
purchasing and the delivery of drugs direct to independent
pharmacists and consumers.
The Corner Pharmacy
Trxade’s strategy starts with its web-based Trxade S2P
purchasing platform, www.trxade.com.
The platform facilitates transactions between independent
pharmacists and drug distributors. The company’s robust e-commerce
technology platform delivers buyer/seller pricing algorithms,
product availability and data-analytics features that reduce costs
and simplify supply-chain transactions between independent
pharmacies, drug distributors and manufacturers. Drug prices vary
widely, and reimbursement is squeezing margins. This provides
significant opportunity for the Trxade model of price visibility
and profit optimization.
To be cost effective, independent pharmacies often operate
with minimal staff and are unable to conduct real-time price
checks. The Trxade S2P platform provides these pharmacies newfound
ability to easily compare drug prices across myriad suppliers and
select the best pricing. This ability allows independent pharmacies
to better compete with the big chains, and community pharmacies are
flocking to the system. Trxade already serves and transacts
business with more than 40% of the nation’s 24,000 independent
pharmacies, facilitating over $10 million of drug purchases every
month. Given the widespread acceptance, Trxade intends to capture
the lion’s share of the independent-pharmacist, drug-purchasing
market.
Consumer Advantages
Trxade’s DelivMeds is a
consumer-centric app that empowers patients with choice in
selecting a pharmacy that will provide the convenience of home
delivery. Furthering the feedback loop, all orders are placed with
locally owned independent pharmacies, the backbone of Trxade’s
unique business strategy. This free service mobile app offers
same-day prescription delivery from local pharmacies and also
provides mail order options, should the patient choose to utilize
this service.
The system makes it easy to add and manage prescriptions and
provides refill reminders in one easy-to-use portal. In addition to
making access easier for the consumer, DelivMeds provides cost
management and greater accessibility to medications while feeding
customers to the local pharmacy.
Trxade’s Bonum Health
telehealth service digitally connects patients with board-certified
medical providers for primary care services through its mobile app
and website or by visiting a Bonum Health Hub. The company plans to
roll out Men’s Health, Advanced Dermatology and Behavioral Health
in the coming months. Unlike other telehealth services, no
insurance or long-term contracts are necessary to receive care.
One-time primary care visits are priced at only $55, and the
company also offers low-priced monthly and annual memberships.
Bonum is adding more provider specialties and expanding its
telehealth services to supplemental offerings including hearing,
dental and vision services.
Bonum Health also offers telehealth services to employers to
provide health coverage to their employees without requiring health
insurance. Bonum telehealth service is powered by Trxade’s
technology, which connects patients to independent pharmacies,
further enhancing its mission and vision of fostering growth and
success in this competitive big-chain landscape.
Expansion Through Innovation
As Trxade continues building a huge base of pharmacies and
consumers, the company consistently adds valuable programs. The
company’s Trxade Exchange opens and widens the distribution channel
for the corner pharmacy. A pharmacy can view products from
manufacturers, buying groups and wholesalers on a continuous,
real-time basis, identifying where the lowest price exists for each
product at any given point in time. The Trxade Exchange has
provided pharmacies a new competitive edge and is recognized for
its ease of use in searching for hard-to-find generic
pharmaceuticals at substantially reduced prices.
Trxade’s RX Guru is an
industry-leading, price-prediction model that integrates
product-shortage insight into pharmacy-acquisition benchmarks to
ascertain trends and pricing variances that result in significant
purchasing opportunities. RX Guru affords members the opportunity
to continuously benefit from real-price purchasing opportunities
that are concealed from the rest of the industry.
Trxade also maintains the most comprehensive retail, specialty
and acute-care pharmaceutical product-shortage database in the
country. Other industry competitors often restrict their efforts
to specialty and acute-care product shortages and narrowly research
oral generic products. Trxade’s advanced prediction tools help
members source hard-to-find products at affordable costs in a
timely and easy-to-search process.
Trxade identified and acted on a unique opportunity in a
disjointed healthcare market. The company now delivers technology
and services that have become indispensable to independent
pharmacies and has helped make healthcare more accessible and
affordable for the consumer. Trxade is establishing a new paradigm
in healthcare as it continues to execute, adding more pharmacies
and consumers, innovations, technology and services. Anyone with
concerns about the healthcare dilemma should be heartened by
Trxade’s trajectory and realize that the market is kind to
innovation and expansion.
Recognized Market Players
Once known as an online bookseller, Amazon.com Inc.
(NASDAQ: AMZN) has become the world’s largest and most
famous marketplace, providing a huge range of products. Amazon has
developed streamlined, flexible ordering and delivery services that
allow customers to find exactly what they want and have it
delivered to their home, often within 24 hours. Recognizing
opportunity, Amazon entered the pharma space with its PillPack platform to simplify the prescription process
for consumers.
McKesson Corporation (NYSE: MCK) is known for
supply-chain management in the pharmaceutical sector. The company
delivers one-third of all pharmaceuticals in
the United States; in real numbers, that means the company supplies
more than 17,000 pharmacies. McKesson is also the primary
pharmaceutical provider for the Department of Veterans Affairs.
Teladoc Health Inc. (NYSE: TDOC) is improving
healthcare access through a comprehensive, virtual-care solution
serving both people and organizations. Its telemedicine system has
provided millions of people around the world with consultations
with doctors from a wide range of specialties. Its 92% success rate in resolving patients’ problems
demonstrates the potential of telemedicine to make healthcare
accessible and effective.
CVS Health Corporation (NYSE: CVS) has a range
of assets to help patients get the most out of healthcare. The
company’s digital services, care management, walk-in clinics and
even cost-management systems provide effective solutions throughout
the healthcare chain. Able to respond quickly to emerging health
trends, CVS has recently
announced extra resources focused on patient access to tackle
the rising challenge of COVID-19.
While the world focuses on solving the COVID-19 challenge, savvy
companies that are addressing the high cost of prescriptions and
access to quality healthcare are set to provide huge benefits in
the healthcare sector.
For more information on Trxade Group, visit Trxade Group
Inc. (NASDAQ: MEDS)
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