Image Credit: Facebook Taoyuan residents group

SCI Pharmtech, a company located in North Taiwan, that was completely razed down on December 20, due to an explosion which led to a massive blaze hat spread to other nearby factories, will be rebuilt. Read the original article here:

https://whatnownews24.com/2020/12/20/massive-explosion-at-a-pharmaceutical-company-in-north-taiwan/

It is estimated that the company will be rebuilt in 6 months, since most production lines were destroyed in the fire. The company is expecting to obtain full compensation from insurance companies. The losses amount to around NT$800 million due to the severe damage to the plant. Another NT$600 million of orders were lost in the first quarter.

The company reported that it still has around NT$250 million in products which could be sold, but their quality need to be assessed due to the fire. The company which employs around 270 workers had a cumulative revenue of NT$2.61 billion in the first 11 months of this year, an 18.19% increase compared to the same period last year. This is due to its success in selling hydroxychloroquinone APIs.

Hydroxychloroquinone is a medicine used to treat or prevent malaria, lupus, rheumatoid arthritis and mild cases of COVID-19, though this is disputed due to its reported severe side-effects. The company is known to be the second largest hydroxychloroquine raw material supplier in the World. SciPharmtech also sells other APIs that are used to treat depression and epilepsy.

Published by truthisacommodity

Residing on the small island of Malta, I have developed a keen interest in foreign politics and science and in bringing truth to my audience by providing daily news! Email: info@whatnownews24.com View all posts by truthisacommodity