Nichi-Iko Pledges Return To Form After Turbulent Financial Year
Japanese Firm Entered Dispute Resolution Procedure In March
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.
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Nichi-Iko still has a long road to recovery ahead as it attempts to get its Toyama plant back on its feet.
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.
Japan struggles to recover its ever-expanding supply chain for generic drugs after several key players had their production stopped because of a series of GMP violations. As the share of generics grows under government policy, some in the industry argue the problems are deeply rooted in a decades-old pricing system.