Bonum Health(TM) (TRxADE HEALTH Company) Launches Veterinary Telemedicine Services

Rhea-AI Summary

TRxADE HEALTH (NASDAQ:MEDS) has launched Tele-Veterinary services through its subsidiary, Bonum Health, aiming to provide digital veterinary clinics for pets. Initially available in select markets like Illinois, New York, and Pennsylvania, this service responds to the growing demand in the telemedicine space. The global Tele-Vet market, worth approximately $119.6 million in 2021, is projected to grow at a 17.6% CAGR through 2030. Bonum Health's expansion into veterinary services complements existing pet health programs, targeting a significant growth opportunity in the sector.

Positive

• Launch of Tele-Veterinary services indicates expansion into a high-demand market.
• The global Tele-Vet market is expected to grow at a 17.6% CAGR, presenting significant growth potential.
• Service rollout in key markets like Illinois, New York, and Pennsylvania allows for strategic growth.

Negative

• None.

TAMPA, FL / ACCESSWIRE / May 19, 2022 / TRxADE HEALTH, INC. (NASDAQ:MEDS) an integrated drug procurement, delivery, and healthcare platform, today announced that Bonum Health, a Digital Healthcare business subsidiary, has launched Tele-Veterinary services for pets.

The company, which offers nationwide telemedicine services for humans, will now add a digital veterinary clinic, staffed by veterinarians to its platform and will begin catering to cats and dogs in limited markets. Ashton Maaraba, President of Bonum Health states, "We are excited to add Tele-Vet to our fast-growing telemedicine platform. Over the years, we found significant demand in this space, and as we studied the benefit and growth potential of this new model, it became evident to us that we needed to pursue it. We plan on launching in limited markets as this provides us the opportunity to scale and expand our care services beyond cats and dogs, while studying the required capacity to keep up with demand. We believe that our vet clinic has the potential for significant growth." Maaraba also mentioned, "The company maintains a strong commitment to its retail members that are investing in their own pet programs, and that Bonum Health Tele-Vet complements a shared vision by delivering to consumer households more viable pet health options. We are pleased to have Bonum Health decide to enter into this space and add greater value to its household subscriber and we are excited to advance this latest innovation for its exiting patient base," said Suren Ajjarapu, Chairman and Chief Executive Officer of TRxADE.

According to the American Veterinary Medical Association's (AVMA) 2017-2018 U.S. Pet Ownership & Demographics Sourcebook, approximately 38.4% of American households own at least one dog, and 25.4% own at minimum one cat. According to a January 2022 report by Grand View Research, in 2021, the global Tele-Vet market was worth approximately $119.6 million, and is expected to grow to at a 17.6% compounded annual growth rate through 2030.

Company officials revealed its first three markets, Illinois, New York, and Pennsylvania and with the number of vets that are undergoing its stringent credentialing process, it aims to offer services across more states within the upcoming months. The company pointed out that it has adopted the requisite protocols to ensure full compliance with AVMA guidelines in the states in which it serves pets.

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 13,475 members nationwide, fostering price transparency and under the Bonum Health brand, offering patient centric telehealth services. For info on TRxADE HEALTH, please visit the Company's IR website at investors.trxadegroup.com.

Forward-Looking Statements

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 than those expressed or implied in such statements. These risks include risks relating to agreements with third parties, including Coborn's; 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 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; our ability to raise funding in the future, as and if needed, and the terms of such funding; increased inflation; 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 "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 March 31, 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.

Media Contact:

IR@trxade.com
(800) 261-0281

SOURCE: TRxADE HEALTH, Inc.

View source version on accesswire.com:
https://www.accesswire.com/701975/Bonum-HealthTM-TRxADE-HEALTH-Company-Launches-Veterinary-Telemedicine-Services

FAQ

What new services has TRxADE HEALTH launched?

TRxADE HEALTH has launched Tele-Veterinary services through its subsidiary Bonum Health.

What markets are currently targeted by TRxADE HEALTH's Tele-Veterinary services?

The initial markets for Tele-Veterinary services are Illinois, New York, and Pennsylvania.

What is the projected growth of the global Tele-Vet market?

The global Tele-Vet market is expected to grow at a compounded annual growth rate of 17.6% through 2030.

How does Tele-Veterinary service align with TRxADE HEALTH's business model?

The Tele-Veterinary service complements Bonum Health's existing telemedicine services and enhances pet health options for subscribers.