NASSAU, Bahamas, CMC – PharmaChem Applied sciences (PCT), which has been manufacturing bulk lively pharmaceutical elements (API) in full compliance with the USA, the European Union, Korean, Japanese, and Bahamian Regulatory Authorities, mentioned it’s to finish its operations right here on Friday.
In a press release, it mentioned that it has “regretfully” began winding down operations.
“After twenty years of service to each the area people and world markets, regardless of our greatest efforts, the dedication of our gifted group, and assist from our buyer and lender, PharmaChem has confronted unprecedented challenges which have considerably impacted our capability to maintain operations,” it mentioned.
“We prolong our heartfelt gratitude to our workers, clients and lenders, and different stakeholders who’ve been a part of our journey. PharmaChem will stop operations by January 12, 2024, and instantly petition for a proper liquidation course of by necessities below Bahamian regulation,” it mentioned, including, “We wish to categorical our appreciation to our devoted workers, who’ve been the cornerstone of our operations.”
The Minister for Grand Bahama, Ginger Moxey, mentioned the corporate employed about 140 folks. In a press release, the Ministry for Grand Bahama described PharmaChem’s choice as “heartbreaking,” contemplating that Grand Bahama’s economic system stays on the mend.
PharmaChem mentioned it will present affected workers with severance packages “to help them throughout this transition,” the Division of Labour mentioned it will work with these affected workers on future employment alternatives, “retraining, soft-skills enhancement, and counseling.”
“We additionally encourage workers to contemplate modern entrepreneurial alternatives as Grand Bahama recovers and rebuilds,” the federal government assertion mentioned, including that the proposed Innovate242 Enterprise Incubator, to be established on Grand Bahama Island within the coming months, might be an incredible useful resource.
“With over US$1.8 billion in new investments in progress, together with the US$500 million Celebration Key venture, US$600 million Grand Bahama Shipyard Transformational Redevelopment Venture, US$71.3 million Liwathon venture at South Using Level, US$200 million airport redevelopment, US$200 million Freeport Well being Campus venture, and lots of different developments, there might be vital alternatives for brand spanking new employment.”
The federal government mentioned it stays “optimistic concerning the financial way forward for Grand Bahama Island as we get better, rebuild, and proceed to revolutionize.”
Member of Parliament for East Grand Bahama and Shadow Minister of Finance Kwasi Thompson, in a press release, lamented the lack of PharmaChem and questioned why there was no extra discover than what was given.
“The opposition is shocked and disturbed on the information of the abrupt closure of PharmaChem Expertise. What’s much more stunning is the truth that there was no public warning or discover.
“Our hearts exit to the 100 extremely expert and well-paid workers. It would additionally severely have an effect on all of the subcontractors who did enterprise with PharmaChem. Your complete island might be severely affected,” Thomson mentioned.
In a press release posted on its web site, PharmaChem mentioned since 2003, it has manufactured API of a number one antiretroviral for the combat in opposition to HIV-AIDS led by Gilead Sciences, constructing a confirmed observe file of high quality and excellence in cGMP manufacturing.
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