TRxADE Group Launches GPO+, a Next-Generation Group Purchasing Option for Drug Buying Groups
TAMPA, FL / ACCESSWIRE / May 4, 2021 / TRxADE Group, Inc. (NASDAQ:MEDS), a health services IT company focused on digitalizing the retail pharmacy industry experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S., today announced the signing of QualityCare Pharmacies, a New York-based independent pharmacy prescription drug buying group, as the newest member to join TRxADE's fast-growing Group Purchasing Organization (GPO+) to drive increased purchase volumes on the TRxADE platform.
Active QualityCare pharmacy members will now qualify to receive highly competitive prescription drug pricing and first-of-kind GPO+ rebates, driving increased savings for members utilizing the TRxADE platform for drug purchases.
"Many of our members that use TRxADE already accumulate notable cost-savings when purchasing single and bulk prescription drugs from their proprietary prescription drug acquisition platform," said Lanny Doud, Executive Director of QualityCare. "This new rebate structure offers members additional impressive add-on incentives that, to be honest, is hard to overlook in today's climate this day-and-age. This solidifies TRxADE's commitment and proven track-record to help independent pharmacies compete and survive."
"TRxADE's core mission is to help independent pharmacies reduce the cost of drug acquisition, and through our new GPO+ program, we hope to continue to attract qualified buying groups to provide their pharmacy members with a customized rebate program to drive volumes on the TRxADE platform," added Suren Ajjarapu, Chief Executive Officer of TRxADE Group. "This innovative offering drives significant value for our independent pharmacy partners nationwide, and we look forward to working closely with QualityCare Pharmacies to transact an increasing volume of their total drug purchases.
"Looking ahead, we believe that our GPO+ launch, when paired with our addition of patient-centric services such as Bonum Health, makes TRxADE an increasingly indispensable tool to our independent pharmacy operator customers. I look forward to driving forward our core platform alongside the launch of our complimentary businesses, helping to drive sustainable value creation for our shareholders over the long-term," concluded Ajjarapu.
About QualityCare Pharmacies
QualityCare Pharmacies is a Buying Group servicing Independent Pharmacy in New York, Pennsylvania, New Jersey, Ohio, Connecticut, Vermont, New Hampshire, Maine, Massachusetts and Rhode Island. Through QualityCare's wholesale partnership with Smith Drug Co. as well as many secondary Rx and OTC vendors, members are offered aggressive pricing, significant rebate potential and off invoice allowances. To learn more about QualityCare Pharmacies, visit https://www.qcpharmacies.com/.
About TRxADE Group, Inc.
TRxADE Group (NASDAQ:MEDS) is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S. The Company operates the TRxADE drug procurement marketplace serving a total of 12,100+ members nationwide, fostering price transparency and under the Bonum Health brand, offering patient centric telehealth services. For more information on TRxADE Group, please visit the Company's IR website at investors.trxadegroup.com.
This press release may contain forward-looking statements, including information about management's view of TRxADE's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TRxADE, its divisions and concepts to be materially different than those expressed or implied in such statements. These risks include risks of our operations not being profitable; claims relating to alleged violations of intellectual property rights of others; technical problems with our websites; risks relating to implementing our acquisition strategies; our ability to manage our growth; negative effects on our operations associated with the opioid pain medication health crisis; regulatory and licensing requirement risks; risks related to changes in the U.S. healthcare environment; the status of our information systems, facilities and distribution networks; risks associated with the operations of our more established competitors; regulatory changes; healthcare fraud; COVID-19, governmental responses thereto, economic downturns and possible recessions caused thereby; changes in laws or regulations relating to our operations; privacy laws; system errors; dependence on current management; our growth strategy; and others that are included from time to time in filings made by TRxADE with the Securities and Exchange Commission, including, but not limited to, in the "Risk Factors" sections in its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on TRxADE's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. TRxADE cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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SOURCE: Trxade Group, Inc.
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