Progressive Care Announces Significant Expansion to Establish Full-Service PharmCo Operations and Rapid Testing Services in Orlando Regional Market
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Miami, Florida--(Newsfile Corp. - July 29, 2020) - Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care" or the "Company"), a personalized healthcare services and technology company, is excited to announce the expansion of the Company's PharmCo branded pharmacy operations and presence in the Orlando metropolitan area. The Company is moving out of its current Orlando pharmacy location, which is a 700 square-foot mini-pharmacy operating under the "Five Star" brand designation, to a 3,700 square-foot full-size pharmacy that will open under the PharmCo brand designation.
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The Company is also very pleased to report that this move, which represents an expansion in property size of more than 400%, will not increase monthly lease costs.
Once completed, the move will allow for a dramatic expansion in the services and products offered in the Orlando market, including the full scope of PharmCo pharmacy goods and services, as well as therapy management, patient management, cost management services, and rapid-results testing services (COVID-19 IgG/IgM) as authorized by the FDA under its Emergency Use Authorization ("EUA") guidelines for conducting SARS-CoV-2 antibody presence and COVID-19 infection diagnosis testing.
The inclusion of future testing at this new location represents the Company's continued expansion in that service area. As noted in its release dated July 14, Progressive Care expanded its antibody testing regional footprint to include Palm Beach County earlier this week. Today's announcement indicates further expansion of that coverage zone, which now also includes Orange County. The Company's antibody testing service has been met with extremely strong demand at its Dade location, depleting testing kit inventories through sales to health providers and on-site test administrations. In response to both this surge in demand and the expansion in regional coverage, the Company has ordered a large new supply of antibody testing kits for sale and administration across South Florida with Orange County coming on shortly.
"This move will create access to a wider base of customers, patients, and providers, and will provide much-needed room to grow for years to come," remarked S. Parikh Mars, CEO of Progressive Care. "Both the small size and limited location surroundings of our Five Star location have been constraining our ability to grow in the dynamic Orlando market. In addition, the shift in brand designation to our widely recognized PharmCo brand will drive expanded market share potential and allow us to tap the huge potential we see in this market."
Management notes that the new location offers an ideal context for a large full-service pharmacy presence. Not only is the space much larger and better suited to a high volume of business, but the surrounding area features four major clinical healthcare provider operations within a direct view of the new storefront. In addition, because its pharmacy operations at the Five Star location have been situated inside a specific clinic, the Company believes relocating into a larger stand-alone space will create a much wider marketing opportunity, allowing PharmCo to target area providers far more effectively.
Progressive Care is committed to providing Florida residents, businesses, and healthcare providers with the resources necessary to successfully navigate this challenging healthcare environment. The Company looks forward to helping Orlando in its fight against the COVID-19 health crisis through access to PharmCo's antibody testing services.
"We have established leadership in contactless delivery of pharmacy services and access to rapid-results antibody testing in Dade, Broward, and Palm Beach counties in recent months," continued Mars. "We are grateful for the opportunity to extend the scope of that commitment to our valued patients, providers, and residents in the Orlando metropolitan area."
For more information about Progressive Care, please visit the Company's website progressivecareus.com
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