RANCHO CUCAMONGA, CA--(Marketwired - Jan 17, 2017) - Proto Script Pharmaceutical Corp. dba PSP Homecare ("PSP" or the "Company") (OTC PINK: PSCR), a durable medical equipment provider, is pleased to provide this discussion regarding opportunities in the expanding US power wheelchair and mobility scooter market.
Over the last decade, the global power wheelchair and personal mobility scooter (PWC) market has seen significant growth and innovation. In the US, which represents about 40% of this $1.5 billion market, this growth will continue to be driven by an aging Baby Boomer population and widely available medical insurance programs (Medicare, etc.) which lessen or alleviate the cost to patients.
According to the US Census Bureau, this aging trend in America will continue with the geriatric population (over 65 years of age) expected to grow by 100% to 84 million by 2050. Several other recently published research reports have estimated the global power wheelchair and scooter market to reach $2.40 billion by 2021-22 with the US maintaining the largest market share.
"The power wheelchair and personal mobility scooter market in the US is extremely large and getting larger each month as more and more patients realize how PWC's can positively impact their quality of life and overall independence," commented Michelle Rico, CEO of Proto Script Pharmaceutical Corp. "With an increasing number of very costly power wheelchairs and scooters in heavy daily use, the need for their regular maintenance has never been greater. With this in mind, PSP Homecare has focused its business expansion strategy on meeting the current and rising demand for professional and convenient PWC service and repairs on a national basis."
In the last 5 years alone, more than 3,000,000 patients have obtained a power wheelchair or mobility scooter through Medicare. PSP Homecare estimates that 50% of these PWC's will require new tires annually and 20% will require extensive repairs annually. This does not include at least 1,500,000 older PWC purchases of which all require new batteries at least annually.
Based on an average repair of $1,800 and an average battery/tire change of $500, PSP Homecare estimates a total potential market size of $2.58 billion in sales from this limited slice of the overall PWC service and repair business. These estimates do not include Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) insurers paying for PWC's for their own beneficiaries.
Michelle Rico concluded, "This extremely vital multi-billion dollar component of the PWC industry has often been overlooked and underserved by smaller local operators who are unable to fully take advantage of this huge market opportunity in a sophisticated way. PSP Homecare's coordinated business strategy should allow us to dominate these local operators with superior sales and service teams, and compelling nationwide marketing programs."
Further details regarding PSP Homecare's planned business expansion and other updates will be made as additional information becomes available.
About Proto Script Pharmaceutical Corp.
Proto Script Pharmaceutical Corp. dba PSP Homecare provides a comprehensive collection of durable medical equipment (DME) like canes, crutches, walkers, commodes, patient lifts, hospital beds, orthotics (braces), wheelchairs, scooters, power wheelchairs, rehabilitation equipment, and accessories. Currently serving California and Nevada, PSP Homecare has specialized in the repair of power wheelchairs and the sale of orthotics since 2011. The Company deals with a growing list of federal, state and private insurance providers such as Medicare, Medi-Cal, Nevada Care and Blue Cross among several others.
Additional information regarding PSP Homecare can be found at www.psphomecare.com.
Proto Script Pharmaceutical Corp. files reports with the Securities & Exchange Commission on EDGAR and anticipates continuing to file such reports. The Company's filings can be viewed at www.sec.gov.
Cautionary Language Concerning Forward-Looking Statements
This Proto Script Pharmaceutical Corp. press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company's mission statement and growth strategy, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.