PharmaChem Technologies (PCT), the well-known Bahamian pharmaceutical company specializing in manufacturing components such as HIV antiretrovirals, announced the cessation of operations this week, after two decades of presence in the market. This unexpected closure will affect 140 workers, who will be unemployed.
The company, which had served both the local community and international markets, said in a statement that it faced unprecedented challenges, which severely impacted its ability to continue operating. “After twenty years of service, and despite our efforts, we have reached a point where it is not feasible to maintain our operations”, said PharmaChem.
The deadline for the cessation of operations is set before January 12, at which time the company will proceed to apply for a formal winding-up proceeding, in accordance with the laws of The Bahamas. PharmaChem expressed its gratitude to the employees for their commitment and dedication, promising adequate compensation.
In response to this situation, the Labour Department is committed to working closely with affected employees, offering them future employment opportunities as well as training and counselling. In addition, the Government has urged laid-off workers to consider seeking opportunities in innovative companies in the Grand Bahama region.
On the other hand, Kwasi Thompson, an opposition lawmaker, expressed his dismay and confusion at the abrupt closure of PharmaChem, criticizing the lack of prior communication to employees about the closure of the company. “We are stunned and confused by the sudden shutdown of PharmaChem, but what is most alarming is the lack of prior notice or notification to employees,” said Thompson.
This closure represents a severe blow to the local economy and to the employees who for years were a key part of PharmaChem Technologies.
K. Tovar
Source: Bancaynegocios
(Reference image source: Unsplash+)
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