No pain relief for API

Australian Pharmaceutical Industries (API) yesterday reported a first-half loss of $35 million. CEO Stephen Roche said “the number of issues is the greatest I’ve seen in my career in a six-month period”, with the company being hit by the Queensland floods, weak consumer spending and increased competition in the sector. The pharmaceutical sector has also suffered by cuts in government funding, with Mr Roche saying, “We’ll deal with further PBS reforms as we confront them".