The global pharmaceuticals industry is expected to reach $1.3 trillion by 2018, but few entrepreneurs have made an effort to tap into this enormous market. More than 250 million people visit their local pharmacies every single week. The average pharmacy earns $3.9 million per location while profits continue to rise for independent pharmacies.
With so much money flowing in and out of the pharmaceuticals space, you would think that more startups would be eager to capitalize on its potential. But they are distracted by both the lure of other industries (such as apps and gadgets) and the fear that pharmaceuticals will continue to be ruled billion-dollar conglomerates. Consequently, many startups have gone in another direction.
Who can blame them? This market is anything but easy. Only the most brilliant entrepreneur – with the most creative, game-changing idea – could successfully penetrate this $1 trillion sector.
One man has beat the odds and pulled this off: Suren Ajjarapu. He started a company, Trxade Group, Inc. (Ticker: TRXD), to serve – not compete with – the pharmaceuticals market by building a game-changing marketplace for pharmacies to compare prescription prices and save massive amounts of money. Trxade has solidified its first-mover advantage by attracting more than 20% of independent pharmacies in the United States alone. The company is expected to grow exponentially in 2016 and double its user base – and market share – by the end of the year.