MIAMI – July 18, 2018 – 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.
“Through these new 340B contractual relationships, Progressive Care can illustrate the need for advanced pharmacy services for vulnerable high-risk populations,” said S. Parikh Mars, CEO of Progressive Care Inc. “340B programs have had a positive impact on communities, while 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 mission.”
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.
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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
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development