K&C Pharmacy exits Nicks drugs

Our Bureau Hyderabad | Updated on January 24, 2011 Published on January 14, 2011

K&C Pharmacy, a general partnership firm based out of New Jersey, US has sold its right, title and interest in a retail pharmacy outlet known as Nicks Drugs, which is also based in Newark, New Jersey recently. The Hyderabad-based, Natco Pharma, is a 75 per cent partner in K & C Pharmacy. According to a press release from Natco Pharma, the revenues of Nicks Drugs were predominantly guided by the Midicaid reimbursements from the State of New Jersey. Of late, however, revenues, owing to budgetary restrictions, there have been significant reductions in the reimbursements. Natco Pharma claimed that, this sale would not have any significant impact on its revenues and profitability. Post this sale, Natco Pharma will now own and operate only one retail pharma store in the US through its fully-owned subsidiary, Natco Pharma Inc. The store is name SaveMart Pharmacy and is based in Lancaster, Pennsylvania. This store is doing well and is not dependent on Medicaid reimbursement, the company stated in the release.

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Published on January 14, 2011
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