NASSAU, Bahamas, CMC – PharmaChem Technologies (PCT), which has been manufacturing bulk active pharmaceutical ingredients (API) in full compliance with the United States, the European Union, Korean, Japanese, and Bahamian Regulatory Authorities, said it is to end its operations here on Friday.
In a statement, it said that it has “regretfully” started winding down operations.
“After twenty years of service to both the local community and global markets, despite our best efforts, the dedication of our talented team, and support from our customer and lender, PharmaChem has faced unprecedented challenges that have significantly impacted our ability to sustain operations,” it said.
“We extend our heartfelt gratitude to our employees, customers and lenders, and other stakeholders who have been part of our journey. PharmaChem will cease operations by January 12, 2024, and immediately petition for a formal liquidation process by requirements under Bahamian law,” it said, adding, “We want to express our appreciation to our dedicated employees, who have been the cornerstone of our operations.”
The Minister for Grand Bahama, Ginger Moxey, said the company employed about 140 people. In a statement, the Ministry for Grand Bahama described PharmaChem’s decision as “heartbreaking,” considering that Grand Bahama’s economy remains on the mend.
PharmaChem said it would provide affected employees with severance packages “to assist them during this transition,” the Department of Labour said it would work with those affected employees on future employment opportunities, “retraining, soft-skills enhancement, and counseling.”
“We also encourage employees to consider innovative entrepreneurial opportunities as Grand Bahama recovers and rebuilds,” the government statement said, adding that the proposed Innovate242 Business Incubator, to be established on Grand Bahama Island in the coming months, will be a great resource.
“With over US$1.8 billion in new investments in progress, including the US$500 million Celebration Key project, US$600 million Grand Bahama Shipyard Transformational Redevelopment Project, US$71.3 million Liwathon project at South Riding Point, US$200 million airport redevelopment, US$200 million Freeport Health Campus project, and many other developments, there will be significant opportunities for new employment.”
The government said it remains “optimistic about the economic future of Grand Bahama Island as we recover, rebuild, and continue to revolutionize.”
Member of Parliament for East Grand Bahama and Shadow Minister of Finance Kwasi Thompson, in a statement, lamented the loss of PharmaChem and questioned why there was no more notice than what was given.
“The opposition is shocked and disturbed at the news of the abrupt closure of PharmaChem Technology. What is even more shocking is the fact that there was no public warning or notice.
“Our hearts go out to the 100 highly skilled and well-paid employees. It will also severely affect all the subcontractors who did business with PharmaChem. The entire island will be severely affected,” Thomson said.
In a statement posted on its website, PharmaChem said since 2003, it has manufactured API of a leading antiretroviral for the fight against HIV-AIDS led by Gilead Sciences, building a proven track record of quality and excellence in cGMP manufacturing.
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