Indies Pharma acquires land in Ironshore, St James

Chairman and CEO of Indies Pharma Jamaica Limited, Dr. Guna Muppuri.

Indies Pharma Jamaica Limited has advised that Indies Pharma Business Park, a subsidiary of the company, has acquired a parcel of land situated at Lot 1 Montego Park Estates Ironshore, St. James.

Indies Pharma, registered since 2003, develops and markets a range of prescription and over-the-counter pharmaceuticals in Jamaica.

It is part of the Bioprist Group that is also into property development and business process outsourcing.

The long-term drive by the Bioprist Group to set up five commercial parks at a development cost of around $4 billion.

Bioprist manages outsourcing properties branded as Bioprist Knowledge Parks and operates a drug company.

The outsourcing company currently operates from Pimento Way, Montego Freeport.

Indies Pharma Jamaica Limited, the pharmaceutical distribution company, operates from Providence Drive in Ironshore.

The property, which formerly housed a Rooms-to-Go furniture store, was acquired from Quality Dealers in 2018.

Dr. Guna Muppuri, Chairman and CEO of Indies Pharma Jamaica Limited indicates in the company’s just-released annual report that the pharmaceutical company is awaiting authorization to market several new drug combinations.

Indies Pharma is a two-year-old stock on the Junior Stock Market of the Jamaica Stock Exchange (JSE), but the company is 14 years in operation.

During the 2018-19 financial year, Indies Pharma recorded year on year increase in its net profit by 13.71 per cent. $136.11 million in net profit for 2019 compared to the prior year’s $119.7 million in net profit.

Revenue in 2018 was $729.45 million compared to $636.2 million in the prior year.