Indies Pharma Jamaica Limited, which is hoping to add new drugs to the market this year, is already seeing an upswing in sales.
The company is currently developing two generic drugs, following which it will request approval from the United States’ Food and Drug Administration (FDA) for launch by 2023, in the US market. The initiative should add to Indies Pharma’s revenues.
At the end of the first quarter, January 31, 2021, the company earned gross revenues of JM$223.5 million compared to J$193.7 million in the prior comparable quarter 2020. This increase in revenue, by 15 per cent or J$29.8 million, was the result of a robust sales push as well as timely supply of high-demand products.
Net profit for the quarter increased to JM$47.5 million, reflecting a 20 per cent improvement over JM$39.6 million recorded in the prior comparable period of 2020.
Management noted that the increase would have been 60 per cent since the administrative expenses decreased 18 per cent, from JM$91 million to J$74 million. However, there was an increase in finance cost of JM$15.9 million mainly due to the interest payment to bondholders.
Gross profit for the three-month period increased to J$138.1 million representing an 8 per cent or J$10.2 million increase when compared with the similar period in 2020.
Indies Pharma began as a vertically integrated company offering its consulting, regulatory and intellectual property services; in addition to its marketing and distribution services to its overseas pharmaceutical manufacturers.
The company started its operations with six basic prescription drug presentations in 2005. Now, according to its website, it has approximately more than hundred (100) drug presentations in the market. The company has also filed for the licensing of over 350 drugs at the Ministry of Health in Jamaica.
Directors indicate that with all the licences on hand, the company intends to secure at least 10 per cent of the current Jamaican pharmaceutical market, which has an estimate ranging between US$100 and US$120 million per annum.
Operations include Bioprist Pharmaceuticals, an independent affiliate of Indies Pharma under which Indies Pharma as custodian of Bioprist branded drug formulations, market, distribute and sell these in Jamaica.
Its other business segment is FMCG (Fast-moving consumer goods), under which it has partnered with independent brand owners to market and distribute beverages, dental products, and herbal supplements.
Total company assets at the end of the quarter represented an increase of 90 per cent year over year, standing at J$1.7 billion compared to J$927.8 million in the comparative quarter 2020.