As the New Year approaches, I want to wish all our members the happiest of holiday seasons.
TRxADE Holiday Hours
The TRxADE online marketplace is always open for our member independent pharmacies to:
- Compare prices of generic and brand name drugs
- Purchase pharmaceuticals at significant discounts from numerous suppliers
- Buy and sell pharmaceutical overstock (where permitted by law
If your pharmacy is going to be closed for the holidays you celebrate, be sure to think ahead and make the purchases you would ordinarily make if open during those holidays.
Many of our Supplier Partners will be closed on Christmas Day and New Year’s Day, but as always, you can login to your TRxADE marketplace account 24 hours a day. 7 days a week and 365 days a year! Once logged in to your account, you can view each Supplier Partner’s holiday shipping schedules.
Generic Drug Price Inflation Expected to Continue in 2015
As reported by Benzinga, a new Morgan Stanley report explains why analysts believe generic drug prices will continue to rise.
Looking at 2014, the report shows that 398 generic price hikes that averaged an increase of 79.3% resulted in an estimated overall inflation rate of 6.4%. This is after supplier efforts led to a 7% to 10% reduction in supplier pricing.
Analysts believe manufacturers may be ready to push back against suppliers in 2015. Further price increases could be caused by prohibitions placed on domestic and international manufacturers that FDA finds to be in violation of its Good Manufacturing Practices.
Morgan Stanley expects an overall single digit inflation rate for generic drugs in the next 12-18 months.
But the article does not discuss price increases due to the decline of competition caused by mergers and acquisitions. The recently announced acquisition of Cubist Pharmaceuticals by Merck & Company will give Merck control of the largest antibiotics company. Merck is already the second largest American drug maker, behind only Pfizer.
Does anyone really believe prices will remain stagnant after consolidation?
Ignoring prices is no longer an option for independent pharmacies
Independent pharmacies must save on wholesale drug prices if they are to thrive in 2015 and beyond. Of course, how to reduce costs while meeting the terms of the primary supplier can seem like a daunting challenge.
If you are a regular TRxADE user, you already know that it is not only possible to save money on drug purchases without disrupting your relationship with your primary supplier, it’s easy.
As I pointed out (and which an independent pharmacist verified) in an earlier blog post, independent pharmacies that make 10%-20% of their purchases via TRxADE can save tens of thousands of dollars each year in as little as 15 minutes a day.
If you are a TRxADE member and feel you should be able to save more money than you are now, call us at 800-261-0281 for help.
While there is still time!
- TRxADE members, if you haven’t already done so, please help TRxADE with our New Year’s resolutions. Your opinion really does matter.
- We’re conducting a drawing to give away one free ticket to the PDS Conference in February. Check out the details and enter today (non-PDS members only).
2014 has been a very good year for TRxADE. We’ve made lots progress in helping independent community pharmacies find new ways to save money buying pharmaceuticals and selling overstock.
Independent community pharmacies have responded by joining TRxADE in record numbers. But, we know we can be even better.
Register for our free PDS Conference ticket Holiday Drawing
The 11th Annual PDS Independent Pharmacy Business Growth Conference will take place at the Renaissance Marriott in Orlando, FL on February 18-21, and TRxADE will be on hand as a fully vetted vendor and recipient of the PDS stamp of approval. Read more
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