Prime Minister Robert Abela announced a new greenfield €22 million investment by Torrent Pharmaceuticals, which will host one of the largest medicines testing facilities in Europe.
Torrent Malta operations will serve a strategic role for Torrent’s European growth with continued investment over the coming 36 months exceeding €20 million. The new plant will be creating more than 120 well-paid jobs in specialised sciences.
The announcement was made in the Ħal Far industrial estate where the new factory will be built. The shareholders and owners of the company, with annual revenues of €3 billion, were present for the announcement.
The new plant will be creating more than 120 well-paid jobs in specialised sciences.
The Malta operation is geared up for large volume testing of conventional sterile and non-sterile products, estimated to output 15K batches per annum, ranking it among the largest testing facilities in Europe.
Torrent Pharmaceutical is an Indian global pharmaceuticals company ranked 8th in India and the largest Indian pharmaceutical company in Germany, Brazil and The Philippines. Torrent Pharma has a global presence across 40 counties and has another 8 manufacturing facilities as well as a strong R&D pipeline employing around 800 scientists.
Works on the new factory are expected to commence this month and will be completed for certification in the summer of 2023.
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”, said Robert Abela.
The Prime Minister also said that Malta will be giving unprecedented incentives to spend 2% of Malta’s GDP solely in R&D.
He also announced that companies that invest in research & innovation will benefit from a 150% tax deduction on this investment.