In the U.S., healthcare spending is now approximately 17% of gross domestic product (GDP). In the middle of an economic recovery, healthcare costs are growing double what the Unites State’s economic growth rate is. In Europe, with their own economic hardships, healthcare costs are also growing exponentially beyond the national and regional economic growth rates. The organization for Economic Co-operation and Development (OECD) states that healthcare spending has an average of 9.5 percent of GDP in the 34 OECD countries in North and South America, Europe, and Asia. The annual growth rate in healthcare costs for the group has an average of about 4.9%.
Progressive Care Inc (OTCMKTS: RXMD) is a company looking to be apart of these percentages for the U.S. Progressive Care Inc. is based in South Florida and provides prescription pharmaceuticals. More specifically, it focuses on anti-retroviral patient management, long-term care, and durable medical equipment. Through its subsidiary, PharmCo., they use demographics to fulfill public needs. Furthermore, by using different market strategies, Progressive Care Inc. seeks to be a part of the market growth with their outstanding performances.
On Tuesday morning, Progressive Care Inc (OTCMKTS: RXMD) announced that they have had a strong third quarter, brining in $10 million in revenue. This was well-expected after having record breaking sales for three months in a row. Here’s what COO Shital Parikh Mars had to say: “This year we have been able to truly capitalize on PharmCo’s status as an industry leader in providing unmatched products and services. Our marketing efforts to healthcare institutions has proved fruitful in advancing the company’s financial position as well cementing PharmCo as a preferred pharmacy for insurance carriers. As we enter our busiest quarter, we are excited to grow our operation and expand on our success.” On the day this news came out, RXMD saw lows of $0.0061 and spiked 59% to a high of $0.0097. Furthermore, RXMD was trading with a volume of 23,002,703 by the end of the day.