Research and development is important because it affects various strata of society from students to corporate research and causes a ‘wonderful spillover effect’ across various sectors of the economy, Frederick Schembri, general manager of Torrent Pharma told theJournal.mt.
Schembri was featured on theDailySpot #17, explaining that R&D helps improve the overall status of the country in the particular sector being invested in.
He was speaking in the context of the €22 million investment by Torrent Pharmaceuticals announced by the Prime Minister this morning, which will host one of the largest medicines testing facilities in Europe.
Torrent Malta operations will be strategic for Torrent’s European growth with continued investment over the coming 36 months.
The new plant will be creating over 100 well-paid jobs in specialised sciences.
“Today it was announced together with Malta Enterprise that Torrent is investing €22 million euro for the coming three years into the Malta operations, the construction of which will commence next month once we get permit approval,” Schemrbi said, explaining that advanced technology will be transferred to Malta for testing of pharmaceutical products.
“We’ve had extensive discussions with government in areas of research and innovation and also IP to see what we can do here and using Malta as a hub for research and development. We’re excited not only for the investment but also the spillover and multiplier effect this will have on various industries, the logistical industries, the servicing industries, the educational sector together with other industries… Torrent are looking at longerm commitment – we are here, we’re here to stay, this is not a temporary investment that will go away in a few years time, but we’re looking at building for the long-term… it will be a wonderful opportunity for the Maltese pharmaceutical industry,” Schembri said.
The Prime Minister hailed the investment as one that fits into the vision for Malta’s long-term economic future. “Not just jobs for our people, but rewarding meaningful careers. In my eyes, this is not a ‘corporate investment’ but a partnership of action and cooperation”, the PM said.