TAMPA, FL, Oct. 25, 2022 (GLOBE NEWSWIRE) -- TRxADE HEALTH, INC. (NASDAQ: MEDS)(“TRxADE” or the “Company”) an integrated drug procurement, delivery, and healthcare platform, today announced that Bonum Health, a Digital Healthcare business subsidiary, has struck a strategic services distribution agreement with multiple insurance brokerage firms to offer access to telemedicine services for small to medium employer groups.
The Company, which offers nationwide telemedicine services in all 50 states for humans and in select states for pets, will now work with insurance brokers to offer its telemedicine services to employer groups ranging from small-to-medium sized businesses. Dr. Shafaat Pirani, PharmD, BCGP, Chief Clinical and Compliance Officer for TRxADE states, “We are thrilled to have secured a services distribution agreement with these insurance brokerage firms, as we believe it will help expand access to basic healthcare for employees that did not previously have access to care and/or provide them with a supplement to existing employer sponsored health coverage. The initiative is expected to help expand Bonum Health’s reach by helping to grow its daily active subscriber base while simultaneously boosting utilization of services on the platform. This will also allow Bonum Health another opportunity to showcase its turn-key and interoperable digital solutions that help employer’s decrease their employee health-related expenses – which is especially important during the current inflationary period, when balance sheets are being closely scrutinized. We plan to continue to leverage our deep-rooted partnerships with regional enterprise communities and independent pharmacies and seek to further drive new patient traffic, prescriptions, and creation of other monetization opportunities.”
Suren Ajjarapu, Chairman and Chief Executive Officer of TRxADE added, “The Company maintains a strong commitment to diversifying its service offerings by establishing alternate distribution channels to promote our first-class telemedicine services.” Mr. Ajjarapu also noted, “We plan to attempt to leverage these types of channels to promote our premier telemedicine services and grow Bonum Health’s operations. We believe employers are looking for value-based services and need to create competitive benefit packages to attract and retain employees, as they navigate the day-to-day challenges that accompany a shrinking labor market, and high employee turnover. Employees will be bulk onboarded onto the telemedicine platform with full access to services as part of our Software-as-a-Service (SaaS) subscription business model.”
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 14,000+ members nationwide, fostering price transparency, and under the Bonum Health brand, offering patient-centric telehealth services and tele vet services. For information on TRxADE, please visit the Company’s IR website at investors.trxadehealth.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 meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. 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. 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 from those expressed or implied in such statements. These risks include risks relating to agreements with third parties; including Wakefern Food Corp., Coborn’s, and Galt Pharmaceuticals; our ability to raise funding in the future, as and if needed, and the availability and terms of such funding, including potential dilution caused thereby; our ability to continue as a going concern; the planned benefits, expected users of and projected revenues of our venture with Exchange Health; amounts we owe and may owe to Exchange Health in connection with the arrangement with Exchange Health; security interests under certain of our credit arrangements; the fact that we are exploring strategic alternatives for our Bonum Health, Inc. subsidiary; our ability to maintain the listing of our common stock on the Nasdaq Capital Market, including our current non-compliance with the continued listing standards of the Nasdaq Capital Market; risks associated with our operations not being profitable; the commercial viability of new business lines, applications, products and technologies, and the costs of such items; the Company's stock repurchase program; the adoption of the Company's product offerings; 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; new competitors which may have more resources than we do; increases in direct to consumer sales of drugs; healthcare fraud; COVID-19, governmental responses thereto, economic downturns and increased inflation 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; dilution which may be caused by future offerings; increased inflation and interest rates, including the increased costs of raising funding as a result thereof; supply chain issues caused by among other things, recessions and global conflicts; 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 “Cautionary Note Regarding Forward-Looking Statements” and "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 (SEC), and more particularly in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and our Annual Report on Form 10-K for the year ended December 31, 2021. 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.