LANGHORNE, Pa., July 16, 2013 (GLOBE NEWSWIRE) -- ScripsAmerica Inc. (OTCBB:SCRC), a supplier of prescription, OTC and nutraceutical drugs, today announced that the Company has signed an agreement with a network buying group to provide prescription and OTC drugs to its clients which include over 700 independent pharmacies with GPO relations.
A GPO (group purchasing organization) is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on their collective buying power.
Additionally, ScripsAmerica has secured the services of an industry leading pharmaceutical logistics company to store and facilitate the distribution of these products to the independent pharmacies. Per the agreement, ScripsAmerica will order from the manufacturers and have the products shipped to the fully licensed logistics company who will distribute the drugs to the network's pharmacies as ordered.
This "pick and pack" operation allows ScripsAmerica to leverage its purchasing power and supply its pharmacies with the quantity of products they need at competitive prices.
"ScripsAmerica is very excited to announce this relationship which we anticipate will have very positive revenue implications for the company due to its strong business model. We will now offer a unique distribution avenue to potentially several hundred independent pharmacies for prescription drugs they would not otherwise have access to," commented ScripsAmerica's CEO, Bob Schneiderman.
"We will initially distribute products to between 35 and 50 pharmacies within the network, however within twelve months, ScripsAmerica could provide pharmaceuticals to the company's entire network. Because of this, we estimate generating significant revenue during the first six to twelve months of the agreement as we scale up our operations," continued Schneiderman.
About ScripsAmerica, Inc.
ScripsAmerica, Inc. delivers pharmaceutical products to a wide range of end users across the health care industry. End users include retail pharmacies, hospitals, long-term care facilities and home care agencies.
For more information, visit www.ScripsAmerica.com .
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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