Natco Pharma Limited said K & C Pharmacy, a general partnership firm at New Jersey in which it is a 75 per cent partner, has sold its right, title and interest in a retail pharmacy outlet known as Nicks’ Drugs.
The revenues of Nicks’ Drugs were predominantly guided by the Medicaid reimbursements from the State of New Jersey.
There have been significant reductions in the reimbursements due to budgetary restrictions. Natco said the sale of Nicks’ Drugs would not have any significant impact on its revenues and the profitability.
With this sale, Natco now owned and operated only one retail pharma store — SaveMart Pharmacy — through its wholly-owned subsidiary Natco Pharma Inc. The store, located at Lancaster in Pennsylvania, is doing well and is not dependent on Medicaid reimbursements, the company said in a release.
