The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

The expansion project at Pharmachem Technologies in Freeport has significantly exceeded its original investment cost by some $60m and is now estimated to be around $180m.

President Pietro Steffanutti took Prime Minister Dr Hubert Minnis on a tour of the facility on Friday. It was his first visit to the plant since he took office last May.

The project – commencing under the former Christie administration - had been pegged at around $120m but during Friday’s briefing, Pharmachem officials revealed that it had changed significantly.

The company had also initially forecasted an injection of some $47m into the local economy, but are now projecting to spend over $100m, with some $18m already spent locally.

Dr Minnis, along with Minister of State for Grand Bahama Senator Kwasi Thompson, and four Grand Bahama MPs, including Michael Pintard, Minister of Youth Sports and Culture; Pakesia Parker Edgecombe, parliamentary secretary in the Office of the Prime Minister; Iram Lewis, parliamentary secretary in the Ministry of Public Works, and Senator Jasmine Darius. Rev Frederick McAlpine, the MP for Pineridge, was not present.

Prime Minister Minnis was impressed with the work Pharmachem is doing in the global fight against HIV/AIDS worldwide.

The company currently manufactures the active ingredient of an anti-retroviral drug that is used to treat some one million HIV/AIDS patients around the world. They are constructing a new multi-product facility that will allow Pharmachem to manufacture two or three other drugs.

Dr Minnis said: “What we see here were very impressive; they are involved in the manufacture of the active ingredient of a particular drug but will be adding to that an additional two drugs which show how important they are…”

He commended the staff for doing an “excellent work” at Pharmachem.

“As small as we are in The Bahamas, the work done here by Bahamians is for the supply of medication to about one million throughout the world - that is very significant. And with the additional two drugs, it is a matter of time before The Bahamas provides medication in excess to two million – we are making a great contribution to health care throughout the world,” he said.

During his tour of the facility, Dr Minnis was also very impressed with the level of safety at the Pharmachem.

“What is amazing is the amount of emphasis they place on safety. While touring, I noticed an ambulance on the compound… And I am certain (with the safety measures in place here) there would probably be no accidents.”

Dr Minnis believes the expansion by Pharmachem is a demonstration of their confidence in the Bahamian economy.

He noted that the investment of $180m would result in an additional 80 jobs for Bahamians when the new facility is built.

“We are impressed with what we see here, and we will continue to do all we can as the government to ensure the smooth running and construction of the facility that would help increase employment.”

The plant is expected to be completed by the end of 2018.