Progressive Care Completes Move to New Facility, Begins Expansion Into Long-Term Care Pharmacy Market
Miami, FL, Dec. 23, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce that the Company has completed its move into its new 11,000 sq ft pharmacy space in Hallandale Beach, FL.
In addition to the cost savings, management believes the move will also drive advances in productivity, volume, and market reach due to the space and efficiency afforded by the Hallandale Beach location.
“The new location is positioned and designed to access the South Florida long-term care pharmacy marketplace across five of the highest LTC-concentration counties in the U.S. prescription market,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “In addition to addressing the huge and growing need for prescription medications at long-term care facilities in this region, Progressive Care, through its new expanded location, is also committed to becoming a leader in the rapidly growing Infusion therapy market, a logistically advantageous expansion that stands to have a material and durable impact on both volume and margins in our core pharmacy business.”
According to a recent research report from Access Market Intelligence, the long-term care pharmacy market was nearly $17 billion in 2019 on more than 400 million prescriptions filled.
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About Progressive Care: Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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 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. 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.
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