Progressive Care
Signs Two New 340B Contracts to Bring
Discounted Prescription Programs
to Non-Profit
Healthcare
Institutions
Miami, FL -- July 19,
2018 -- InvestorsHub NewsWire -- Progressive Care Inc.
(OTCQB: RXMD),
a personalized
healthcare
services and technology company,
today announced that
they have signed
two new
340B
contracts,
furthering
their commitment to providing non-profit or charitable healthcare
institutions with significantly reduced prices on needed
medications. The
contracts with Hope and Help Center of Central
Florida and
Care 4 U Management will
begin on Oct. 1, 2018.
Throughout
June 2018, Progressive Care's wholly owned
subsidiary PharmCo LLC filled
approximately $430,000 worth of covered medications for 340B
entities (not recognized in net revenues), generating over $22,500
in fees to the pharmacy, a 250% increase over the same month last
year. The total value of 340B covered medications dispensed through
the first 2 quarters of 2018 was approximately $2.75 million
generating $125,000 in net fees to the pharmacy.
"Allowing the
company to diversify and benefit from our proactive patient
engagement and risk management models. We believe that success of
our initiatives will lead to more opportunities like these to
enhance our growth and execute our overall
missionwhile, programs have had a positive
impact on communities340B"," said S. Parikh Mars, CEO of
Progressive Care Inc. the need for advanced pharmacy
services for vulnerable high-risk populationsillustrate canProgressive Care
new 340B
contractual relationships, theseThrough"
The
340B Drug Discount Program
is a
United
States federal government program that allows certain
non-profit and charitable healthcare institutions to purchase
medications at a reduced price. These entities can contract with
pharmacies to provide prescription
services to their
patients. Contracted pharmacies support the program by acting
as
a pass through and
providing the much-needed adherence
monitoring and pharmacological expertise, the compensation for
which is commensurate with standard profitability for 340B covered
drugs.
For
more information about Progressive Care, please visit the
company's website.
Connect and stay
in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCo, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
About Progressive Care Inc.
Progressive Care
Inc. (OTCQB: RXMD), through its PharmCo,
LLC, is a South Florida health services organization and provider
of prescription pharmaceuticals, compounded medications, provider
of tele-pharmacy services, the sale of anti-retroviral
medications, medication therapy management
(MTM), the supply of prescription medications to long term care
facilities, and health practice risk management.
Cautionary Statement Regarding Forward Looking
Statements
Statements contained herein that are not based upon current
or historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target," "intend" and "expect" and similar expressions, as
they relate to Progressive Care Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
Public Relations Contact:
Tory Patterson,
CMW Media
Tory@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
Armen
Karapetyan, Progressive Care
Senior Advisor
Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com