The United State’s pharmaceutical market reached double digit growth in the early 2000’s. Since that time, it has not had the same growth rate, but it may very well be on its way. Over the years there has been a 1-3% annual increase, and even a decline in 2012. However, the pharmaceutical market was set to grow 11-13% by the end of 2014. The pharmaceutical market in the United States was able to reach between a range of $377-384 billion. In comparison, the global market is predicted to rise 4-7% over the next four years while the United States is projected to rise 5-8%.
Progressive Care Inc (OTCMKTS:RXMD) is a company that is seeing tremendous benefit in this pharmaceutical rise. Progressive Care Inc. comes from South Florida and provides prescription pharmaceuticals, especially focusing on anti-retroviral patient management, long-term care, and durable medical equipment. The company is currently focused on PharmCo, their very own subsidiary, and using demographics to fulfill public needs. In addition, by using different market strategies, Progressive Care Inc. has been a great part of the market surge.
Earlier this month, Progressive Care Inc (OTCMKTS:RXMD) reported a record breaking month in sales for the third consecutive month. Throughout August, the company filled over 16,500 prescriptions and generated approximately $1.17 million in revenues. Progressive Care Inc. COO,Shital Parikh Mars, stated “These last few months are a true testament to the hard work our staff puts in to market the Company and live up to the high standards of care that we set. We are leading the way in the level and range of services we provide and the South Florida community has embraced it. As we head in to the fall and winter months, we look forward to capitalizing on the success of the summer.” Over the last three months, RXMD has seen lows of $0.0055 and a 791% change to highs of $0.049. With the pharmaceutical market growing, RXMD is a penny stock to watch.