THE rescheduling of codeine-based products in Australia has impacted sales from Australian Pharmaceutical Industries' NZ-based manufacturing business.
According to the API annual report released on Fri, overall sales declined by 5.4% and gross profit was down 6.8%.
"We have responded with a range of over-the-counter alternatives which we expect to improve our performance in 2018," wrote ceo Richard Vincent in the report.
He also noted that the interim report from the Review of Pharmacy Remuneration and Regulation had largely ignored the wholesaling sector's evidence-based recommendations.
However "we have been heartened by subsequent discussions with the Department and the Minister and we are optimistic that we will achieve a satisfactory outcome," he added.
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