If any program would be able to somehow convert or save .pmd and .p65 files, it would be Adobe PageMaker from which both these files originate. In this case it looks like both files are documents made in different version of PageMaker, so perhaps a higher version should be able to work with files created in the previous one.
Convert Adobe PageMaker document to Adobe PageMaker 6.5 document.
We have found 2 software records in our database eligible for .pmd to .p65 file format conversion.
Microsoft Windows software - convert pmd to p65 on Windows
One of the first desktop publishing programs on market
Convert from pmd file format
The tables with software actions are a good pointer for what a certain program does with various file types and often may give users a good hint how to perform certain file conversion, for example the above-mentioned pmd to p65. However, it is not perfect and sometimes can show results which are not really usable because of how certain programs work with files and the possible conversion is thus actually not possible at all.
Apple macOS / Mac OS X software - convert pmd to p65 on OS X
Mac version of once popular publishing program