HEALTH

The Apothecary Shops earns spot on Inc.’s fastest-growing private companies list

BY Alaric DeArment

PHOENIX Diplomat Specialty Pharmacy isn’t the only one to earn a spot on Inc. magazine’s list of the fastest-growing private companies.

The Inc. 5000 also listed specialty pharmacy The Apothecary Shops, ranking 2,394. That marked a jump of 322 spots from last year and 1,682 spots from 2008 in its fourth annual appearance on the list.

Drug Store News reported Thursday on Diplomat’s inclusion on the list.

“It’s no secret that we have undertaken a very aggressive growth strategy for The Apothecary Shops, but our approach, particularly in a down economy, has been targeted and strategic to be in a solid position to leverage that growth when the economy turns,” The Apothecary Shops president Keith Cook said. “Our movement on the Inc. 5000 list of fastest-growing companies reflects the success of our strategic direction.”

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Safeway raises $11.2 million for muscular dystrophy

BY Allison Cerra

PLEASANTON, Calif. Safeway announced Wednesday that it raised $11.2 million to benefit the Muscular Dystrophy Association during MDA’s annual Labor Day Telethon.

Safeway dedicates each April and August to bringing awareness to helping people with disabilities. Easter Seals and Special Olympics are among the organizations who receive the donations raised in April, with the August campaign dedicated to the work of MDA. Over the years, Safeway has raised more than $58 million for muscular dystrophy charities through customer donations at checkout and grassroots efforts, including walks and golf tournaments.

“Thanks to the generosity of our customers and the enthusiasm of our employees, we are making an important difference in the lives of individuals and families coping with debilitating neuromuscular diseases,” said Safeway EVP Larree Renda, who also is an MDA national VP. “MDA’s outreach is without limit, and the results of MDA-funded research are nothing short of amazing. I am confident we will see a cure for neuromuscular disease in our lifetime, and MDA will be at the center of that cure.”

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Hi-Tech Pharmacal posts $3 million loss

BY Alaric DeArment

AMITYVILLE, N.Y. Hi-Tech Pharmacal had $40.4 million in sales during its fiscal first quarter ended July 31, the generic drug maker said Thursday. The numbers amounted to a decrease of $3 million from the same period in 2009.

 

The bulk of the company’s sales came from generic drugs, which had sales of $32.3 million, a $4.4 million decrease from the year before. The decrease mostly resulted from declines in sales of the eye treatments dorzolamide and timolol ophthalmic solution, or dorzolamide ophthalmic solution, whose sales declined by $7.9 million because of a significant reduction in price. At the same time, sales increases of fluticasone propionate nasal spray helped offset the decline.

 

 

Sales for the ECR Pharmaceuticals division were $3.5 million, a $241,000 increase over the year before, resulting from higher sales of the Lodrane (brompheniramine) line of allergy drugs, despite a decrease in sales of the DexPak (dexamethasone) line of corticosteroids.

 

 

Midlothian Labs, which markets niche generic drugs, had sales of around $1 million, a $340,000 decrease from the year before, while sales for the Health Care Products division, which markets over-the-counter products, were $3.5 million, a $1.4 million increase from the year before.

 

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