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SCI Pharmtech, the second largest hydroxychloroquine supplier that burned down last week, will be rebuilt.

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.

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