Pharmacists may recall the popular textbook, Pharmacy Management Essentials for All Practice Settings from their school days. Many may still have a copy on their bookshelf, since it is still so highly regarded. A key lesson, found in Chapter 23, is the central role that inventory has in today’s pharmacy. “A pharmacy’s inventory represents its single, largest investment,” the authors wrote. “Consequently, no other asset has the potential to devastate a pharmacy as much as poorly controlled inventory.”

As pharmacists can attest, the authors weren’t kidding. Inventory is by far the typical pharmacy’s largest expense, accounting for almost 70 percent of operating income. It also takes up an inordinate amount of time, as pharmacists try to minimize cost and satisfy patient demand, all while ensuring compliance with wholesaler agreements.

Now though, help has arrived! PrimeRx MARKET, the newest offering from PrimeRx, is an online platform that connects pharmacies with medication suppliers. Think of it as Amazon, but for pharmacies. It’s that easy.

With PrimeRx MARKET, pharmacies can procure medications and manage their inventories in a fraction of the time it used to take, with a high level of confidence that medications are obtained at a highly-efficient price point.

PrimeRx MARKET capabilities and benefits include:

• Direct access to more than 40 drug wholesalers and suppliers. PrimeRx MARKET is the industry leader when it comes to the number of participating suppliers. Pharmacists can easily compare prices, identify best sources for different types of drugs, and seamlessly submit orders with multiple providers.
• Single-source solution for all medication/inventory needs. Pharmacies can shop for a wide range of medicines including brand-name drugs, generics, and over-the-counter products, among other offerings.
• Fast, accurate results. Pharmacists no longer have to spend time checking with multiple suppliers to identify the best pricing for a specific drug. Instead, PrimeRx MARKET generates a comprehensive side-by-side comparison of each supplier’s pricing for a requested drug. The system generates immediate results in a user-friendly format.
• Seamless ordering capability. Once a preferred supplier is identified, the pharmacy can submit an order, without leaving the PrimeRx MARKET platform.

PrimeRx MARKET was previously known as Trxade. Now, operating as part of the PrimeRx brand of pharmacy-based solutions, PrimeRx MARKET simplifies and untangles the medication procurement process. Pharmacists can have confidence that all medications are obtained at the best price possible, from the ideal supplier.

Today roughly one-third of independent pharmacies rely on PrimeRx MARKET. Feedback has been quite encouraging, with praise for the system’s simplicity and added efficiencies. “The best thing about PrimeRx MARKET is the ability to comb multiple suppliers for a product in a single search query, in a single window,” said one Missouri-based pharmacist. “The data available from using their analytical tools really allows me to see around corners and prepare myself in a tough marketplace,” said another owner, also Missouri-based.

PrimeRx MARKET is the first product from PrimeRx that is not specifically a software-based platform. It does though, provide the same high levels of innovation, scope of functionality, and ease of use that pharmacies associate with the PrimeRx brand. Which makes PrimeRx MARKET a natural “next step” in helping pharmacies improve efficiency and better serve patients.