TrxadeHSO™ Program Provides Healthcare-Adjacent Services to Vast User Network in Partnership with Paramount Rx, Empowering Independent Pharmacies to Remain at Forefront of Patient Care
TAMPA, FL / ACCESSWIRE / November 30, 2021 / TRxADE HEALTH, INC. (NASDAQ:MEDS), 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., today announced the launch of its TRxADE Discount Card, empowering independent pharmacies to continue offering deeply discounted drug pricing to their customers while concurrently protecting margins and remaining at the forefront of patient care.
Under its Health Services Organization (TrxadeHSO™) Program, Trxade aims to offer its network of 12,950+ members premier pharmacy and health-related services - all uniquely designed to empower pharmacies to provide better healthcare outcomes to consumers while growing their businesses as a local healthcare hub.
Made possible through a strategic partnership with Paramount Rx, a full-service pharmacy benefits manager, TRxADE HEALTH's Preferred Drug Discount Card offers a heavily discounted option for patients for one low flat-fee to providers, known as the administrative fee. All independent pharmacies that are part of the TRxADE HEALTH network will be eligible to participate, further eliminating the affordable prescription drug pricing divide between independent and chain pharmacies. This innovative solution, along with Trxade's proprietary supply chain platform, helps to foster price transparency across the continuum of care by protecting independent pharmacies who often see reduced margins when discount cards are utilized.
"We are pleased to announce our TRxADE Discount Card program, the T-Rx™ Savings Card, offering our network of independents access to competitive prescription savings for their customers while concurrently maintaining a reasonable transaction-level margin profile - a feature unique to our TrxadeHSO™ solution, unlike other well established discount card providers," said Prashant Patel, RPh, President of TRxADE HEALTH. "Other major prescription drug discount providers either exclude independents from the network or offer preferred rates to retail enterprise partners, resulting in higher fees for the independents and their patients when their benefit is utilized by the patient. Our model uniquely provides a win-win situation for all key stakeholders while further enhancing the value of the TRxADE platform to the independent pharmacy community.
"Independent pharmacies aim to provide a patient-centric approach to care for their members, but far too often they face the overwhelming pressure of negative reimbursements and claw backs from pharmacy benefit managers in the form of direct and indirect renumeration (DIR) fees. Through this collaborative partnership - a key first step in our broader TRxADE HSO strategy - we are able to offer a true win-win solution to both patients and pharmacy providers. I look forward to announcing exciting new opportunities for our pharmacy partners in the months to come," concluded Patel.
"Our independent pharmacies provide invaluable services to so many communities across the country. We are proud to partner with TRxADE and their family of pharmacies to better serve the millions of Americans in need of more affordable medications," added Michael Sallusto, Executive V.P. at Paramount Rx, Inc.
About TRxADE HEALTH, INC.
TRxADE HEALTH (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 12,950+ members nationwide, fostering price transparency and under the Bonum Health brand, offering patient centric telehealth services. For info on TRxADE HEALTH, please visit the Company's IR website at investors.trxadegroup.com.
About Paramount Rx Inc.
Paramount Rx is a full-service prescription benefits manager (PBM) focused on consumer-driven health care to help clients provide services for consumers to save money on prescription drugs. The company has tailored programs to help their customers and consumers achieve significant savings with discount prescriptions through a national network of over 57,000 participating pharmacies. For more information, visit www.paramountrx.com.
Forward-Looking Statements
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 relating to the adoption of our MedCheks app by partners and end-users, the apps of other competitors, including governments which may make certain apps mandatory or free, our ability to gain traction for our app in the marketplace, and the continued demand for our app; risks related to our operations not being profitable; claims relating to alleged violations of intellectual property rights of others; our ability to monetize our technological solutions; technical problems with our websites, apps and products; risks relating to implementing our acquisition strategies; challenges to the pharmaceutical supply chain posted by the COVID-19 pandemic and related matters; 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; risks associated with the market for health passports, adoption thereof, consumer acceptance thereof, and changes in the market for such products; 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.
Media Contact:
TRxADE HEALTH, INC.
[email protected]
Investor Relations:
Lucas Zimmerman
Director
MZ Group - MZ North America
(949) 259-4987
[email protected]
www.mzgroup.us
SOURCE: TRxADE HEALTH, Inc.