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Friday, March 31, 2023

Pharmaniaga woes won’t affect drug supplies, says minister


Pharmaceutical companies have said there was unease over Pharmaniaga’s ability to pay its suppliers for their medicines.

PETALING JAYA: Health minister Dr Zaliha Mustafa has assured the public that drug supplies to hospitals and clinics will not be affected by the financial problems of pharmaceuticals supplier Pharmaniaga Bhd.

She said the company had given a commitment that its subsidiary Pharmaniaga Logistic would continue to supply more than 700 drugs and other products and that the subsidiary would “continue to be strong and competitive”.

Pharmaniaga Logistic is the concessionaire appointed by the government to supply drugs and other products.

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Zaliha said the Malaysian Organisation of Pharmaceutical Industries and the Pharmaceutical Association of Malaysia had also given their assurance that they would cooperate to ensure that supplies will not be affected.

The two organisations had held a meeting with Pharmaniaga today. Zaleha said Pharmaniga provided an update on the group’s current situation as well as the delay in payments to its vendor.

Last month, the stock exchange classified Pharmaniaga as a PN17 company, denoting it is undergoing financial distress. The company posted a net loss of RM664.39 million in the fourth quarter of its 2022 financial year, and had to make provision for the amount of RM552.3 million on unsold Covid-19 vaccines in stock.

Last week, the pharmaceutical association’s executive director Chan Li Jin said Pharmaniaga’s financial situation had created unease over its ability to pay pharmaceutical companies for their medicines.

Yesterday, Pharmaniga assured its suppliers that unexpected delays in payments will be resolved soon. - FMT

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