Pharmascience Inc. announces important restructuring

MONTREAL, Oct. 13, 2016 /CNW Telbec/ - Pharmascience Inc. announces an internal rightsizing of the company, by eliminating approximately 90 positions at its Montreal head office. This decision was made to increase its competitiveness and optimize its operating efficiencies, as part of a strategic plan to remain a leader in the Pharmaceutical industry and adapt to the current business environment in Canada. Pharmascience is the largest pharmaceutical employer in Quebec with over 1500 employees.

"This has been a difficult decision for us. We have always been deeply committed to our employees and are extremely grateful for their hard work and dedication over the years. We could not have built this company without them," said Dr. David Goodman, Chief Executive Officer.

A number of external factors, such as pricing and regulatory pressures have recently led to increased market instability; mainly in Quebec, the rest of Canada and globally. Pharmascience has had no choice but to adjust to this new business reality to ensure the growth and sustainability of its business. Pharmascience maintains it will closely review major new investments in Canada until further market clarity and confidence are re-established.  In the interim, the company expects these changes will allow them to retain a competitive edge and remain an industry leader. "I am confident that we have the right team and the right plan to sustain our long term growth and success", said Dr. David Goodman

Founded in 1983, Pharmascience has experienced constant growth since it was established more than 30 years ago, and has continuously innovated over the years to expand its business and solidify its presence in Canada's pharmaceutical industry and globally. This is the first major layoff in the company's history.

Pharmascience Inc. thanks all of their employees for their continued devotion and for their contribution to the company's success.

About Pharmascience Inc.

Founded in 1983, Pharmascience Inc. is the largest pharmaceutical employer in Quebec with over 1500 employees proudly headquartered in Montreal. Pharmascience Inc. is a full-service privately owned pharmaceutical company with strong roots in Canada and a growing global reach with product distribution in over 60 countries.  Ranked 60^th among Canada's top 100 R&D investors with over $50 million invested annually, Pharmascience Inc. is the 10^th largest pharmaceutical company in Canada. Pharmascience Inc. has strong long-standing philanthropic ties with its communities, both locally and internationally. For more than 20 years, Pharmascience has been working through Health Partners International of Canada (HPIC) as the partner of choice to increase access to medicine. Pharmascience's total donations of essential medicine, is close to $60 million. Pharmascience Inc. is a leading manufacturer and marketer of prescription; generic, over-the-counter, and behind-the-counter products as well as FDA approved Canadian-made injectables. Pharmascience Inc. commercializes nearly 400 product families in 20 different dosage forms for over 2,000 products. In Canada alone, more than 45 million prescriptions a year are filled with Pharmascience products. For more information, please visit www.pharmascience.com

SOURCE Pharmascience Inc.

Steeve Azoulay, Director, Public Affairs and Communications, Email: [email protected], Phone: [phone] (Local), 1 866 229 8339 (Toll Free)