Indies Pharma Jamaica Limited (INDIES) – Impact of COVID-19 on Operations

Posted: November 19, 2020 at 8:59 am

Indies Pharma Jamaica Limited (INDIES) has provided to the Jamaica Stock Exchange (JSE) the statement below regarding the impact of COVID-19 on its operations:

“We hereby take this opportunity to notify to your esteemed authority that the spread of the Novel Coronavirus disease (COVID-19), declared a global pandemic by the World Health Organization (WHO) on March 11, 2020, appears to have impacted our revenue streams negatively mainly due to the breakdown of supply chain system and therefore out of stock situation during 2020 for certain of our key products.

“Although it appeared, we were surviving the negative impact in the initial stages, it did affect us to a certain level mainly due to the disruption in supply chain and therefore the stock levels. Also to an extent we were negatively impacted on the Jamaican market front due to the limitations applied to our delivery schedules and limited number of working days since our entire staff were allowed to work alternate days to maintain the social distancing and reduce the exposure during the routine working hours. However, a reasonable estimate of the impact cannot be made at this time.

“We have been monitoring the situation regularly and have successfully implemented contingency plans to meet the challenges ahead of time so that we will continue to emerge successfully as we mitigate and move forward with the pandemic at the forefront. With the reopening of the ports and cargo supply channels, we are at an advanced stage of planning our production and supply chain channels so that we will remain self-sufficient and positively productive during our new fiscal year that just started on 1st November 2020.

“Any courtesies rendered in the above regard will be highly appreciated.”

 

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