According to IQVIA, the total value of the medicine market in 2022 was a whopping $429 billion. Additionally, in 2022, the number of prescriptions prescribed was 6.7 billion.
Obviously, someone needs to manufacture these drugs. Florida is home to some drug manufacturers, such as Cylo Therapeutics and Archer Pharmaceuticals to name just a few examples.
However, one pharmaceutical manufacturing company in Florida is closing its doors and laying off over 80 people.
About New Vision Pharmaceuticals, LLC: According to its website, this company uses Blow-Fill-Seal technology to manufacture single-dose products in a sterile environment to help prevent incorrect dosing.
The company’s website says the single-dose products are less expensive, help eliminate human error, and encourage accurate dosing.
The company is based in South Florida.
About The Closure And Lay-Offs: According to a Warn letter dated February 9, 2024, the company has already closed its Tamarac plant and will begin laying off 88 employees. The employees do not have bumping rights and are not represented by a union.