Last Updated on Wednesday, 9 March, 2022 at 2:14 pm by Andre Camilleri
Torrent Pharma forms part of the Torrent Group, currently present in 40 countries.
Works on the project will start next month and is expected to be completed by the end of 2023.
At a press conference in Hal Far, Torrent Pharma general manager Fredrick Schembri explained that upon completion of the first phase of the project, together with the plans for a sterilization testing lab based in Malta it will process around 16,000 batches on an annual basis.
Torrent Pharma is also planning to develop an oncology medication testing facility on the Island by 2024.
Minister for Energy, enterprise and sustainable Development Miriam Dalli said that with the Torrent Pharma’s recent investment, it is set to make Malta its European testing and quality control centre.
She added that Malta has superseded its pre pandemic total financial FDI by 14%.
Minister for Economy and industry Silvio Schembri said that in torrent Pharma Choosing Malta for their investment it shows that it trusts how the government is leading the country.
Prime Minister Robert Abela said that he believes in Torrent Pharma and that it will prosper further.
Speaking about the project and the ties it took for it to happen, he said that this is not a short-term agreement but a long-term relationship.
He added that the life sciences sector together with the pharmaceutical industry are more than figures to the government, as it exists to cater for the health of the nation.