Viatris Still Exploring Alternatives For Morgantown Plant As Closure Looms
Shutdown Scheduled For 31 July Follows A Host Of Compliance Issues
The end of July will bring the closure of Viatris’ Morgantown plant, following years of compliance issues for the once flagship Mylan facility. But the company has revealed that it is still in the process of exploring alternatives for the site outside of Viatris.
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Viatris enjoyed another strong quarter, its second full quarter as a combined entity, allowing for a raise in guidance across the board. Management discussed the firm’s strengths, and weaknesses, during the Q2 earnings call.
After US President Joe Biden launched a review of the country’s API supply chain, the task force has reported back with key vulnerabilities that contribute to drug shortages and supply risks during a global public health emergency. According to the report, the lack of geographic diversity and dependence on foreign nations and anti-competitive actions by foreign nations are key areas of concern.
With a goal of reducing its cost base by at least $1bn by 2024, Viatris has delivered plans to significantly restructure its global manufacturing network. Up to 20% of Viatris’ 45,000-strong workforce could be impacted by the initiative which will see the firm close, divest or downsize 15 of its manufacturing plants around the globe.