Sticking with Sigma
April 30, 2010
AUSTRALIAN Pharmaceutical
Industries is yet to see any
significant upturn in business from
pharmacists as a result of the
widely-reported travails of its rival,
Sigma Pharmaceuticals.
Speaking after the announcement of
the API half year result (PD
yesterday), API ceo Stephen Roche
admitted that Sigma’s profit
downgrade and consequent
breaching of bank covenants
(leading to tightening of trading
terms) had created opportunities
for API, but also said “we lost large
chunks of business in the last six
weeks to Sigma through
arrangements, but I do think that
they’ve now changed that attitude
and we haven’t seen that activity
continue”.
He also said any potential new
large customers would have to be
assessed for credit risk, and any
deals on offer would also be offered
in similar arrangements to API’s
existing customers.
“Pharmacists will stick for a
period of time with their current
wholesaler until they see what
changes at Sigma or what
management changes occur,”
Roche said.
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