The vaccine is now a defining part of the world economy, with Evercore analysts predicting the first round of vaccinations (ie, those taking place this year before adjustments to new variants) will add up to about $140 billion in sales in the US.
Stocks related to this theme make up a high interest group that includes Pfizer Inc (NYSE:PFE), Moderna Inc (NASDAQ:MRNA), AstraZeneca plc (NASDAQ:AZN), Novavax Inc (NASDAQ:NVAX), Walgreens Boots Alliance Inc (NASDAQ:WBA), CVS Health Corp (NYSE:CVS), and Rite Aid Corporation (NYSE:RAD).
Aside from the vaccine producers, the distribution food chain is active, and gaining a piece of the action is a major objective for anyone and everyone in the pharmacy space.
However, many pharmacy players haven’t been able to secure a vaccine supply for sale. The line is long, and supplies are limited.
Given that backdrop, Progressive Care Inc (OTCMKTS:RXMD) may gain some special interest today as it begins to ramp up its vaccination operations, which will join its extensive rapid results testing service and its emerging digital vaccine passports platform, creating one of the most comprehensive Covid-19 platforms going.
In the Game
Specifically, RXMD announced this morning that it has gained access to a large inventory of Moderna vaccine doses and will begin immediate distribution to PharmCo customers through both in-store and on-location vaccinations.
According to the release, the company’s initial tranche of vaccine doses represents enough to fully vaccinate 2,000 people. We would also note that more is likely on the way based on the sentiment expressed in the release, with management stating that it believes it will gain access to additional vaccine doses following the exhaustion of this initial supply.
“We have secured a large initial supply of vaccine doses and we feel confident we will now move forward as an important source of immune protection for residents in our communities,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “This will allow Progressive Care to serve an important role in providing critical immune protection for the people who depend on us, especially those in traditionally underserved communities.”
Progressive Care Inc. (OTCMKTS:RXMD) also noted that it plans to play a big role in helping to educate its customers and the residents of its surrounding communities on the safety, importance, and value of vaccinations that protect against Covid-19.
Complementary Parts: Testing, Vaccinations, and Passports
Being a leading player in the business of saving the world from Covid-19 won’t be new to RXMD. The company has been and will likely continue to be a leader in administering Covid-19 rapid results testing and it is also working toward a leadership role in vaccine passports.
In the former case, the company announced earlier this month that it had surpassed $1 million in revenues directly driven by its COVID-19 testing program.
“We are truly grateful for the opportunity to be a part of the solution and help our community confront what promises to be a long-term battle with the virus, an elusive and formidable adversary,” commented CEO Weisberg.
Specifically, according to its release, the company conducted over 4,700 COVID-19 tests in 2020, driving $599k in revenues. For the three months ended March 31, 2020, the revenue run rate associated with COVID-19 testing has accelerated, with approximately 2,900 tests, resulting in over $400k in revenues related to testing.
That puts it at about $1M in sales so far just on testing alone.
In the latter case, the company also recently announced a partnership with EagleForce Health, LLC to integrate its proprietary telehealth platform (“myVax™”) and develop a platform for the Company’s Digital Passport for COVID-19 Testing and Vaccination results. According to that release, the myVax™ platform will manage an individual’s COVID-19 Vaccine and Test Journey documenting all transitions, including healthcare appointments, billing, and telehealth services. This will also include a Digital Passport or Digital Wallet that is QR-coded for registration, verification, and documentation of COVID-19 vaccination and/or test results.
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