A joint venture for a new €10 million pharmaceutical manufacturing plant due to open its doors to business in 2010 was announced yesterday, incorporating two significant firsts for the country’s pharmaceutical industry.
The joint venture – dubbed Pharmacare Premium Malta and with investment from Malta, Germany and Palestine – will be the first pharmaceutical operation with Maltese direct private investment, while it will also be the first not exclusively producing generic pharmaceuticals but also patented pharmaceuticals.
It will also be among the first of its kind in Malta and among just a handful of operations in Europe in that it will be producing high potency generics.
The new operation is eyeing several export markets including Europe, the United States, the Middle East, North Africa and the former Soviet states.
Pharmacare is to operate from sizeable premises in Hal Far, and is expected to initially employ some 60 workers and to expand its staff complement to 120 within the first three years of operations.
Pharmacare Premium is a joint venture between the Maltese-registered Pharma Group Ltd and the Palestinian-German Pharmacare Europe, itself a subsidiary of Pharmacare Europe – a leading Palestinian pharmaceutical manufacturer exporting to Germany, other EU countries as well as the CIS countries of Eurasia.
The company, which is expected to begin operations by the third quarter of 2010, is to manufacture conventional generic pharmaceuticals as well as high potency generics, including oncological, hormonal and immune-suppressant preparations in capsule and tablet form.
Speaking yesterday, Pharmacare plc chairman and managing director Bassim Khoury, who also serves as president of the Palestinian Federation of Industry, explained that in producing high potency generic pharmaceuticals, the company will be among the first of its kind in Malta as well as one of just a handful of such plants in Europe.
Construction on the 12,500 square metre plant is expected to begin in April and is expected to be wrapped up by mid-2010, while operations are forecast to begin in the last quarter of 2010, by which time it would have obtained an EUcGMP (good manufacturing practice) certification.