Nichi-Iko Warns Over Delays From Toyama Plant
Japanese Firm Says Remedial Processes Likely To Slow Output
Nichi-Iko says that remediation activities at its Toyama plant in the wake of a suspension over GMP violations mean that there may be delays to supply.
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Nichi-Iko experienced substantial losses over the financial year ended 31 March 2022, as one of many Japanese generics firms found to have been falling short on GMP since the beginning of 2021.
Japan’s Nichi-Iko has formally entered a business turnaround alternative dispute resolution process that will see the company outline a business rehabilitation plan involving management restructuring and a fresh profit structure, following financial underperformance in the wake of recent quality issues.
Nichi-Iko’s first-half financial results made for unhappy reading again as the company’s bottom line was battered by longstanding quality problems, leading the firm to announce huge projected losses for its current financial year ending in March 2022.