PYMNTS MonitorEdge May 2024

PrimeRx Intros Online Marketplace for Pharmacies

pharmacy

Pharmacy management solutions firm PrimeRx has debuted PrimeRx MARKET, an online marketplace for pharmacies.

“Formerly known as Trxade, PrimeRx MARKET represents a significant expansion in PrimeRx’s commitment to enhancing the operational efficiency and cost-effectiveness of pharmacies nationwide,” the company said in a news release Tuesday (July 2).

MARKET lets pharmacies engage in real-time drug price research, with competitive pricing from more than 40 suppliers, according to the release. It also lets pharmacies order everything they need in one place and offers “transparent pricing” to help them make smarter purchases.

“The drug procurement process for pharmacies, a major expense, requires precise contract compliance and inventory management to maintain cash flow and profitability,” said PrimeRx CEO Ketan Mehta in the release. “PrimeRx MARKET empowers pharmacies to source drugs intelligently and conveniently by integrating purchase and dispensing data, ensuring compliance and market agility. Our goal is to use data intelligence to streamline purchasing decisions, enabling pharmacies to remain profitable and dedicated to serving their patients.”

PYMNTS examined the changing face of the pharmacy world earlier this year after Amazon Pharmacy began using artificial intelligence to expand its same-day delivery service.

Through “generative artificial intelligence and machine learning,” the service aims to quicken prescription fulfillment, potentially reducing treatment delivery to just a few hours, PYMNTS reported in March. The service illustrates how pharmacies of all sizes can tap into AI’s power to streamline operations and provide improved patient experiences.

“AI is a transformative tool for pharmacists, primarily because it streamlines complex processes and enhances accuracy, which is crucial in the realm of prescription management,” Sahily Paoline, chief clinical officer at Xevant, a pharmaceutical analytics company that uses AI, said in an interview with PYMNTS.

A benefit of AI is its ability to make sure patients get the correct medications. Joe Tammaro, vice president of pharmacy solutions at DrFirst, told PYMNTS that doctors and pharmacy systems often use different terms for medication instructions.

In addition, pharmacies might have the same medication that was prescribed but from various manufacturers. This discrepancy requires pharmacy technicians to manually interpret, transcribe and plug this information into their system.

That’s why AI is especially useful for pharmacists,” he said. “It automates the process, saving valuable time while reducing opportunities for error.”

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