History
Australian Pharmaceutical Industries was incorporated as Chemists’ Co-operative of New South Wales Limited in 1910 and later became known as Wholesale Drug Co before adopting its current name, Australian Pharmaceutical Industries, in 1971.
API acquired Newmans & Western Pharmaceuticals in 1996, and in the following year Amed Supplies Australia was acquired to increase its coverage in medical and surgical products for the hospital market.
API was listed on the Australian Stock Exchange on 16 June 1997.
Chemworld Chemist, a new retail pharmacy banner group, was launched in 1998. API acquired the pharmaceutical wholesaling and manufacturing operations of Washington H. Soul Pattinson in 2000.
On 29 October 2001, API purchased Hospital Supplies of Australia, the hospital and medical wholesale distribution business previously owned by the Victorian Healthcare Association. This enabled API to extend its distribution business to the public and private hospital market.
On 1 October 2002, API acquired the Interpacific and Interpharma businesses in New Zealand. These companies operated pharmacy wholesaling and retailing to New Zealand, the manufacture of over the counter pharmaceuticals, and wholesale distribution of dental products. This acquisition included Zuellig Pharma Limited, PSM Healthcare Limited and Halas Dental Limited.
The retail brands of Priceline, Priceline Pharmacy, House and Price Attack were acquired on 6 October 2004 from the New Price Retail business. This propelled API to restructure its operations to focus primarily on growing its pharmaceutical distribution, retailing and manufacturing business. The retail led strategy was established by Jeff Sher, the architect of the Priceline Pharmacy model.
The next year API continued to narrow its focus to the pharmacy channel and sold the Halas Dental business.
In 2005, API formed a joint venture with ABN AMRO Capital Advisory Australia Pty Ltd. Later that year, the newly formed joint venture then acquired Clifford Hallam Pharmaceuticals Pty Limited.
API sold its New Zealand healthcare and logistics pharmacy business on 14 December 2005.
In 2007, API divested its House and Price Attack brands as part of its retail strategy to focus on Priceline.
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