Phoenix Biotech stops business operations in Punjab and Haryana
The 10-15 field force of both these units have been communicated that since the last two years the company has not even been able to achieve break-even
The impact of the novel coronavirus (COVID-19) pandemic has been seen across industries and the pharma sector is no exception. A Gurgaon-based pharma firm Phoenix Biotech has decided to shut its business operations in the state of Punjab and Haryana.
Nitin Harris, HR Manager, Phoenix Biotech, through an e-mail communication sent to the company’s field staff at both these locations, conveyed, “As you all know, the COVID-19 pandemic has posed unprecedented challenges for the entire country and Phoenix Biotech is no exception. Looking at the present situation, it is not worth having to run operations in Punjab and Haryana. So, we are announcing the closure of our business operations in both these states with immediate effect.”
His email also informed that the company has been striving to overcome the crisis but the lockdown of around two months has hampered the company’s business very badly. It also stated that despite investing on all fronts, for almost two years, the company has not even been able to achieve breakeven.
Commenting on the remuneration, Harris said, “It was a tough decision for the management to shut the operations in both units. The company had employed 10-15 field force for both the regions. The company will be paying off all the dues as applicable according to their appointment letters only after the lockdown is lifted by the government and business operations are resumed.” He also informed that there has been no decision taken yet about paying a provisional salary for the month/months to the field force in these units and the management will be taking a call on it.
The company’s official website mentions, “Our employees drive our agile, patient-centric organisation, reinforce our reputation, and grow the business.”
The company is involved in manufacturing of various dosages of high-quality injectables, capsules, tablets, liquid syrups and powder.