19 May 2004

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Pharmaceutical company with Malta operation seeks listing on London stock exchange

International pharmaceutical company Actavis, which operates a production facility in Bulebel, is seeking to be listed on the London stock exchange as part of its strategy to become a major player in the production of generic drugs.
The Malta plant, formerly known as Pharmamed, is expected to play a key role in the Icelandic Group’s overall strategy by becoming the major supplier of Western Europe.

In an interview with The Malta Financial and Business Times, Actavis (Malta) CEO Steinthor Palsson said considerable investment was made since the Icelandic company took over Pharmamed, to raise the standards of the Malta plant.
“Today, the majority of the business in Malta comes from the EU markets, which is different from the situation only less than one year back when Pharmamed’s main clients came from third world countries. This means that the products we produce now have higher value added. The Group strategy sees the Malta plant as the main supplier of the Group into Western Europe,” Palsson told this newspaper.
Palsson also spoke positively of EU membership, which he said facilitated the supply of products from Malta to markets in the EU and contributed to lower costs and less bureaucracy.
In recent years Malta Enterprise has tried to attract pharmaceutical firms to open shop in Malta as part of a wider strategy to make the island a centre of excellence for the pharmaceutical industry. The strategy has been successful but Palsson cautioned that it was important for government to invest in the creation of a human resources pool for the future through the education system.
The full interview with Steinthor Palsson appears on pages 10 and 11.


Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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