Progressive Care said on Monday that it has entered into a 340B contract with Empower "U," a nonprofit organization, through its subsidiary, Pharmco, LLC.
340B contracts let eligible organizations and their contracted
pharmacies buy medications at a discounted rate. This segment of the pharmaceutical market is expected to grow to approximately $13.4 billion by 2016.
Through this contract, Pharmco will provide specialty medication to Empower's patients.
"PharmCo and Empower "U" have maintained a strong relationship for many years, and we are excited that we will be able to work together as we expand to meet the growing needs of our community," Vanessa Mills, Empower "U" founder and CEO, said.
Empower is designed for those with HIV or AIDS and helps residents of South Florida, providing testing and care facilities. Empower also facilitates social services and housing assistance, and provides connections to other care facilities. This organization is also active in the national advocacy group Well Beyond HIV and has experienced significant growth.
Currently, medications eligible under 240B contracts consist of approximately 2 percent of all drug purchases, but with expected growth could increase to up to 25 percent of drug purchases made by hospitals and other organizations.
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