RXMD - 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.
