When you are on the brink of bankruptcy, it’s the only way to go
ThreeFourFourTwoThe news that three major drugmakers are seeking to close the doors of their business models on the eve of a big pharma deal will bring out the best in those companies.
The news comes from a Reuters report on Monday which quotes a senior executive from the UK’s largest pharmacy operator, the King Soopers pharmacy, as saying that his company was “on the verge of bankruptcy” after its revenue from the drug business slumped by 30 percent in the first six months of the year.
King Sooper is the only one of the big five pharmacy operators to have declared bankruptcy in the last decade, according to Reuters.
The company has been in existence for more than 30 years, but its pharmacy business was shut down by a restructuring in 2014.
The King Soop firm has been facing a slew of pressures in recent years, including its inability to compete with generic competitors, the fact that its customers are getting sicker and the fact it is being pressured to cut costs and reduce its workforce.
King soopers CEO Paul King told Reuters that he expects the company to remain solvent, however he believes that it is in danger of becoming insolvent.
King said that he expected the company will eventually be able to come up with a plan to close its doors, but he added that he thinks it will take some time to get there.
King says that the King sooper pharmacy is on the verge at the moment of bankruptcy.
King is a former pharmaceutical executive, who left his position as CEO of UK-based pharmacy giant Aetna in the early 2000s to form his own pharmacy.
King has been outspoken in his opposition to the drug companies’ aggressive expansion plans, saying that they are destroying the industry.
The pharmacy company is also the second-largest UK drug company, after King Soops, and it has a market capitalization of around $1.2 billion.
King’s comments come after the UK government and the European Union launched a crackdown on drug pricing in the country in recent months.
It is also not the first time that King has spoken out against the drug industry.
In December, King spoke out against pharmaceutical giant Pfizer, saying in an interview with the Financial Times that Pfizer’s price hikes are not in keeping with the company’s reputation.
King recently expressed his belief that the UK should get rid of the NHS altogether, which he has called “a disgrace.”
“It’s a disgrace,” King said.
“The NHS has not been there for 50 years.
The government is in a crisis.
They should get out of it.
We have to get rid and we need to take care of ourselves, but we have to do it quickly, because if we don’t get rid, we are all screwed.”
The government’s proposed drug pricing reforms are expected to be voted on by Parliament next week.
The changes would allow generic drugmakers to negotiate prices with pharmaceutical companies and would make generic drugs cheaper than brand name drugs.
King was responding to Pfizer CEO Martin Shkreli’s announcement on Sunday that the company would raise its price for Daraprim, the drug that is used to treat a parasitic infection called toxoplasmosis, by 50 percent.
“The reason it’s such a high price is that it’s not an effective drug,” King told Bloomberg in an earlier interview.
“It’s expensive because the drug is ineffective, which is a good thing, but it’s a high cost because the manufacturer is not making it,” he added.
In response to the announcement, the pharmaceutical industry is already threatening to pull out of the country.
“We are going to take a stand.
We are going out of business,” David Willetts, chief executive of GlaxoSmithKline, said in a statement on Monday.
“This is the moment to go back to work,” he said, adding that the cost of the drug to the taxpayer would be “in the order of tens of billions of pounds” if the government did not enact the reforms.