PHARMACEUTICAL wholesalers, Sigma and Australian Pharmaceutical Industries (API), have issued statements to the Australian Securities Exchange (ASX) today, highlighting a surge in demand for prescription and non-prescription medications, as a result of the COVID-19 pandemic.
API Chairman, Mark Smith, and CEO, Richard Vincent, told investors that the group had "witnessed unprecedented demand for Pharmaceutical Benefits Scheme (PBS) and other medicines" from pharmacies since the outbreak of the virus.
"Demand during Mar was in excess of 50% more than usual for this time of year," they said in a co-signed letter posted to the ASX.
Sigma CEO, Mark Hooper, also noted an "abnormally high demand [for services] flowing from the COVID-19 pandemic", while reporting and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $46.7 million for the year ending 31 Jan 2020.
"It has been a challenging time with the bushfire crisis and now COVID-19 placing significant pressures on the supply chain," he said.
"While we have seen a significant increase in demand for medicines and fast moving consumer goods for the first seven weeks of this financial year, it is impossible to predict how this will unfold for the remainder of the year.
"One thing I am certain of however, is the determination of our team, suppliers and pharmacists, to continue to serve the community during this difficult period."
Hooper added Sigma's business transformation plan was on track with more than $62 million of annualised benefit achieved by year end.
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