Progressive Care Inc (OTCMKTS:RXMD) through its subsidiary unit Pharmco LLC reported 340B deal with Empower “U”. The counterparty is a Federally Qualified Health Center in Miami-Dade County. It is a peer-based, minority and managed non-profit entity established by and for people suffering with HIV/AIDS in South Florida.
The non-profit entity has developed from meeting the needs and solving the problems of the local infected community to social services, medical case management, HIV testing, linkage to care, HIV prevention programs and housing for person with AIDS. Empower “U” is a participant firm in the national advocacy movement known as ‘Well Beyond HIV’ and comes in the list of the rapidly budding health centers for HIV in South Florida.
The 340B deals enable eligible entities and their partnered pharmacies to buy medications at a discounted price for the public good. This market in the US is projected to reach $13.4 billion by 2016. It just accounts for 2% of total national drug purchases. As per the prevailing norms, the purchases under 340B deal could amount to over 25% of the drug purchases done by eligible organizations and hospitals
As per the deal, Progressive Care subsidiary Pharmco LLC will offer specialty pharmaceuticals to the existing health center patients of non-profit entity Empower “U” and also to patients of future health centers of the group.
The expert speak
Vanessa Mills, the founder of Empower “U” said that Progressive Care subsidiary unit and Empower “U” have successfully maintained a robust alliance for many years. The organization and team is thrilled that the two entities will work together as they expand to fulfill the growing needs of HIV affected community. Pharmco has remained one the pioneers in offering specialized services to the HIV affected community.
The final closing of Progressive Care Inc (OTCMKTS:RXMD) in the last trading session was much higher compared to the close of the previous session, as evident from the gain of 8.89% but the closing price of $0.0098 being almost the same with the opening price of $0.0096 made the formation of the candle a Doji, suggesting indecision in the short term. The price action in the last few days clearly show a lack of momentum in any direction and that may continue for a while more as the price bounces around in the range of $0.0050-$0.0200. Only a resolution of this range can trigger any trending move.