Trxade Health (NASDAQ: MEDS) is a health services IT company that focuses on digitalizing the retail pharmacy experience. While the company has expertise in optimizing drug procurements and patient engagement, shares of MEDS skyrocketed on Thursday amid a COVID-19 catalyst.
Trxade launches health passport
Trxade stock soared higher by more than 100% on Thursday after the company announced its MedChecks subsidiary launched what it calls a Health Passport app. The app is taking the form of what many call a “vaccine passport” that can be used by individuals to prove they have been fully vaccinated against the COVID-19 virus.
Trxade said the app provides a QR code for the user to securely show proof of vaccination or test results that can be used to gain entry into a country, establishment event, or mode of transportation.
As of 1:40 PM ET, shares of Trxade were trading at $8.72, up 113% on the day. The stock closed for trading at $4.08 on Wednesday and traded in a range of $5.86 to $10.82 on Thursday.
Shares of MEDS are up around 50% since the start of 2021.
Health passports can help with the reopening
One of the greatest concerns among health and financial experts was that an economic reopening by itself won’t install enough confidence among the population. Many people believe that the only path towards a safe reopening is through some form of vaccine passport.
The Biden administration has confirmed publicly it won’t be implementing a national vaccine passport database or registry. Some states outright banned the use of vaccine passports but they appear to be in the minority.
Corporate offices, elder care facilities, sports stadiums, transportation providers, among many
