STO’s 196 pharmacies to be transferred to state drug company

The process of transferring all pharmacies operated by State Trading Organization (STO) to the government-established pharmaceutical company will begin next week and is expected to be completed by the second week of February.

STO confirmed the details to Mihaaru News today.

The pharmacies will be transferred to State Pharmaceutical and Medical Supply Company (STMC), which was established on September 9 last year to import medicines and medical consumables to Maldives. Preparatory work for the takeover has been ongoing for several months.

According to information obtained, STMC will take over STO pharmacies in the Male' area starting Tuesday next week. The transfer of pharmacy operations nationwide will be carried out in phases and is scheduled to be completed by February 15.

STO currently operates 196 pharmacies across Maldives.

The company has a long history in the sector, having operated pharmacies for 43 years, since 1984. While STO has been running pharmacies in all islands for around the past decade, it had also operated pharmacies in several islands outside Male' prior to that.

With the transfer, approximately 600 STO employees will move under STMC within the next month.

In addition to operating pharmacies, STMC will also handle overseas prescriptions and medicines procured in bulk through UNDP via the National Social Protection Agency (NSPA).

STMC Managing Director Dr Shah Mahir said in October last year that the company would take between three and six months to become fully operational.