Maltese pharmaceutical company invests €3.5 million
An investment of €3.5 million to be carried out by Maltese pharmaceutical company Pharmadox Healthcare which is set to create some 50 new jobs. This was announced during a visit by Minister for Energy, Enterprise and Sustainable Development Miriam Dalli and Parliamentary Secretary for Consumer Protection and Public Cleansing, Deo Debattista.
Pharmadox was launched in 2010 as a small laboratory run by four people. It has now grown to employ more than 100 people. Today’s announcement is the third in five years, with a total of €7 million invested.
“This company enjoys an unprecedented success story. It goes to show how our country has entrepreneurs and talented people who are expanding from a small company to reach markets in a highly competitive industry, such as the pharmaceutical one”, said Minister Miriam Dalli.
Pharmadox collaborates with more than 50 manufacturers in nine different countries outside Europe. Their work involves importing, testing, packaging, and product certification.
Minister Dalli said that the government is putting the manufacturing sector at the centre of its policy. “Through innovation and technological developments, the manufacturing industry plays a crucial role in putting Malta on the world map, in order to be at the centre of the supply chain.”
“We believe and we are convinced that innovative and resilient companies will be indispensable for us to have a sustainable economy. That is why we are working on a number of schemes to support companies that want to invest in their future, and that of their workers”, said the minister.
Parliamentary Secretary Deo Debattista explained how the Medicines Authority in Malta is the regulator of the authorisation and licensing of medicines. Their work is done in both the local and international markets.
With the investment announced today, Pharmadox Healthcare will be extending the Good Manufacturing Practice license issued by the Medicines Authority in Malta. Parliamentary Secretary Debattista concluded by assuring that the Medicines Authority in Malta will be adhering to the regulatory process that works independently and transparently while continuing to assist these companies in maintaining the excellent reputation of our country in this regard.
Malta Enterprise Chief Executive Kurt Farrugia said that manufacturing and the digital sector have a prominent role in better absorbing the economic impact of the pandemic. “Among the niches that continued to grow and employ more people were, in fact, pharmaceuticals and medical devices.”
Company director Peter Seychell thanked Malta Enterprise and INDIS for their full collaboration to make this investment possible. In the coming months, Pharmadox will begin building a new block for the company to expand its physical space and expand its operations.