Pharmaceutical firm to develop €22m facility in Malta
Source: Times of Malta
Author: Ivan Martin
Torrent Pharma unveils large-scale investment plans
A multinational pharmaceutical company announced a €22 million investment on Wednesday.
Torrent Pharma’s investment will see it build a new production plant in Ħal Far including a large pharmaceutical testing lab. It is expected to generate 120 new jobs.
Works on the facility are scheduled to begin next month and the facility is expected to be completed by the third quarter of 2023.
Addressing a press conference in Ħal Far, Torrent Pharma Malta general manager Fredrick Schembri said the first phase of the investment will see the company develop logistical and packaging operations and sterilization testing labs in Malta that will process 16,000 batches annually.
By 2024 the company also plans on developing an oncology medication testing facility in Malta, he said.
Founded in India, Torrent Pharma is the flagship company of the Torrent Group conglomerate and has a presence in over 40 companies. The conglomerate is owned and run by the billionaire Mehta family.
The event was later addressed by Prime Minister Robert Abela who said he believes Torrent is going places.
The island’s “English speaking can-do” attitude, Abela said, matched the company’s.
Enterprise Minister Miriam Dalli said the foreign direct investment would make Malta its European centre for testing and quality control.
Economy Minister Silvio Schembri said the substantial investment showed the company’s trust in the jurisdiction. He said the testing lab would, once completed, be one of the largest in Europe.