Indies Pharma to strike distribution deal for new drug


Indies Pharma Jamaica Limited disclosed on December 13 unaudited results for the 12 months ended October 31 that it will soon initiate distribution of a new drug. The company states that the U.S. Food and Drug Administration “has approved our abbreviated new drug application (ANDA) on the 22nd day of August 2024.”


The approval is for the Regadenoson Injection, 0.4 mg/5 mL, an application which was submitted pursuant to section 505(j) of the Federal Food, Drug, and Cosmetic Act (FE&C Act) on the 25th day of January 2023.

Managers noted., “The USFDA determined that Indies Pharma Jamaica Limited’s “Regadenoson” is bioequivalent and therapeutically equivalent to Astellas Pharma U.S., Inc's Lexiscan® (Regadenoson Injection).

“The company is now at an advanced stage of entering into the distribution agreements with the prospective distributor in the United States to realize the revenues from the USFDA approved product within the upcoming fiscal year.”

For the twelve months ending Oct 31, 2024, Indies Pharma Jamaica Limited earned gross sales of J$ 1,159 billion, versus J$ 1,055 billion in the prior year 2022-23, an increment of 10 per cern.

Gross profit for the period recorded J$775 million in comparison to J$ 726 million, which represents a seven per cent increase (J$ 48 million) in comparison to the prior year.

Net profit recorded a 4 per cent increase (J$ 8.1 million) in the twelve-months period ended, compared to the prior year. Earnings per share increased by 6.25 per cent at $0.166 in the current period, in comparison to the prior year $0.159.

Total assets valued as of 31st October 2024 were J$ 2.29 billion compared to J$ 2.24 billion as of Q4 for the period 2022-23, an increase in value of 2.5 per cent recorded.

Shareholder equity was recorded at a value of J$ 1.293 billion in the Q4 2023-24 period compared to the J$1.219 billion as at Q4 2022-23, an increase of 6.1 per cent.

Total liabilities were recorded in the current year Q4 2023-24 with a value of J$ 1.003 billion compared to Q4 2022-23 of J$ 1.021 billion 2023-24 (Q4)

Indies Pharma Jamaica Limited is a pharmaceutical distribution company which was incorporated in Jamaica on 9 December 2003 and co-founded by a medical doctor, Dr. Guna Muppuri, and his wife Vishnu Muppuri.

The Company sold its first pharmaceutical on 18 April 2005, and today distributes over 150 prescription and non-prescription or ‘over the counter’ generic pharmaceutical products for Bioprist Holdings Limited under the ‘Bioprist Pharmaceuticals’ brand.

The Company is headquartered in a commercial complex in Freeport, Montego Bay, Jamaica. Its retail unit, the Trident Pharmacy business is located nearby in Sam Sharpe Square, Montego Bay, Jamaica.

Indies Pharma services customers across all 14 parishes of the island, including over 400 pharmacies, private and public hospitals and government agencies including the National Health Fund as well as medical practitioners, and directly to individual end users.

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