RedSail Technologies has relaunched its prescription drug marketplace PrimeRx Market as RxMarket, as of late May.
PrimeRx Market previously established itself as a purchasing marketplace for independent pharmacies. RedSail said PrimeRx Market helped those pharmacies “navigate increasing financial pressure through greater pricing visibility and more efficient purchasing decisions.”
RedSail, the marketplace’s owner, is a pharmacy software company that offers data solutions and services. 16,000 pharmacies use its software, the company said, as a result of an expansion in February. That’s when RedSail acquired PrimeRx, a pharmacy management solution.
PrimeRx had launched the B2B-focused PrimeRx Market in July 2024. Formerly known as Trxade, PrimeRx Market had included digital tools that enable pharmacies to compare suppliers and pricing for generic drugs, over-the-counter medications and injectables.
“The drug procurement process for pharmacies, a major expense, requires precise contract compliance and inventory management to maintain cash flow and profitability,” said Ketan Mehta, PrimeRx CEO, in a statement at the time.
Why RedSail relaunched RxMarket
RedSail said independent pharmacies continue to face shrinking margins, negative reimbursement rates and ongoing pressure from Pharmacy Benefit Manager audits. Simultaneously, it said, staffing shortages and rising operating costs make it more difficult for pharmacies to manage inventory and control spending.
RedSail said its RxMarket consolidates supplier options and pricing data into one platform. That helps with improving efficiency and making informed purchasing decisions, according to the company.
Additionally, RedSail said RxMarket offers real-time pricing comparison and purchasing across multiple suppliers. RxMarket is free to join and use for pharmacies, with no contracts or purchasing commitments required, according to the company.
“Independent pharmacies are being squeezed by their primary wholesalers and few options to optimize purchasing,” said Andy Maurer, CEO of RedSail Technologies, in a statement. “RxMarket helps level the playing field by giving pharmacies real-time access to competitive pricing so they focus on keeping their communities healthy.”
RedSail said pharmacies already using RxMarket have reported saving more than $700,000 a year and “reclaiming more than 520 hours a year through more efficient purchasing.”
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