A pharmacist in Manhattan is trying to stop his pharmacy from merging with a rival in the Midtown area.
The pharmacy in the trendy Midtown neighborhood is now owned by a rival pharmacy and its pharmacy is being moved to a nearby building.
But that’s not stopping David J. Strain, the CEO of Pharmacy Supply Group, from fighting back.
He has filed a lawsuit against the Mid-Town Pharmacy, a chain of pharmacies with pharmacies across the city.
The chain is owned by the same company that owns the other Midtown pharmacy, according to court papers.
Stryrain wants the MidTown Pharmacists’ Association to approve the merger, which would consolidate all of its pharmacies in the same building.
He said the merger would save the company $250 million a year, but he’s not the only one.
“Our competitors are taking a $500 million loss every year,” he said in an interview.
“We are the only ones that have survived.”
Pharmacy Supply is a competitor of the New York City Pharmacy Group, which also has pharmacy stores in the city and across the country.
The two groups are part of a larger group called the American Pharmacy Association, which is pushing for consolidation.
The association has a $400 million annual budget.
Pharmaceutical Supply’s business is one of several big pharma chains, including Johnson & Johnson and Pfizer.
That group is also struggling.
Its shares dropped more than 2% in after-hours trading Thursday, after it reported $1.1 billion in revenue and a profit of $2.5 billion.
Styrve, the pharmacist, is not affiliated with the pharmacy.
He did not immediately return a call for comment.