SOURCE: Progressive Care Inc.

Progressive Care Inc.

July 20, 2015 08:00 ET

Progressive Care Enters $10 Billion 340B Market

MIAMI, FL--(Marketwired - July 20, 2015) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities, announces 340B contract with Empower "U".

Empower "U", Miami-Dade County's newest Federally Qualified Health Center is a minority, peer-based and managed non-profit organization founded by and for people living with HIV/AIDS in South Florida. Empower "U", Inc. has grown from supporting the needs of the local infected community to HIV testing, medical case management, social services, linkage to care, housing for person with AIDS, and HIV prevention programs. The organization is also a participant in the national advocacy movement Well Beyond HIV and one of the fastest growing health centers for HIV/AIDS in South Florida.

340B contracts allow eligible organizations and their contracted pharmacies to purchase medications at a discounted rate for the public good. The national 340B market in the US is estimated to grow to $13.4 billion by 2016. While this only accounts for 2% of all national drug purchases, 340B purchases could amount to more than 25% of the drug purchases made by hospitals and eligible organizations. As the contracted 340B ship-to pharmacy, PharmCo will provide specialty pharmaceuticals to the current health center patients of Empower "U" as well as patients of any future health centers of the organization.

"PharmCo and Empower "U" have maintained a strong relationship for many years and we are excited that we will be able to work together as we expand to meet the growing needs of our community," said Vanessa Mills, Empower "U" Founder, CEO and recipient of the Black AIDS Institute HITS "Heroes In the Struggle" Award.

PharmCo has been one of the leading providers of services to the HIV/AIDS community and continues to expand its services and presence in this under-served market. The relationship with Empower "U" will allow the pharmacy to align itself with its current health center as well as all of its future centers. While the company does not expect to see financial benefits from the agreement until October 1, 2015 as the contract undergoes its standard review and set up process, the partnership with one of the leading HIV/AIDS organizations in South Florida will yield positive results for the company.

"PharmCo has always had the mission of reaching at-risk communities to provide them with much needed pharmaceutical services. We are proud to support Empower "U" and work with local communities to grow the pharmacy," said Shital Parikh Mars, COO.

About Progressive Care

Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC is a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities.

The forward-looking statements in this press release are based on management's assumptions and beliefs in light of information presently-available, and involve both known and unknown risks and uncertainties. Actual financial results may differ materially from those presented in this document, being dependent on a number of factors.