Malta subsidiary to become a main supplier in Europe

A hard cardiovascular drug produced and manufactured by Pharmamed Ltd in Malta was launched and flown to European Union countries yesterday.

The drug - a Lisinopril/Hydrochlorothiazide combination used to treat high blood pressure - is a "major breakthrough" for the Maltese pharmaceutical company, according to the managing director of Pharmamed, Steinthor Palsson.

Over 50 million tablets in 4.5 million packs were flown to various countries of the EU.

Pharmamed has been manufacturing and stockpiling the product in Malta since January in preparation for the launch. The tablets are being flown to Pharmaco's third party sales division and to other pharmaceutical companies in Austria, Germany, Spain, Scandinavia, the Netherlands and the UK. These will then sell them under their own brand.

According to Pharmamed's medical representative, the drug is not used for prevention but for treatment of patients suffering from hypertension.

"Since the acquisition of Pharmamed in mid-2001, Pharmaco group has invested heavily in the Maltese subsidiary to bring it in line with the rigid regulatory framework of the European Union," Mr Palsson said.

Since it was established in 1976, Pharmamed focused mainly on supplying drugs to Third World countries. But since Pharmaco acquired it, it has started supplying EU markets. However, this is the first time that a new product has been launched from Malta.

Because of Malta's attractive patenting legislation and the current conditions of the local pharmaceutical market, Pharmamed can stock and produce drugs even if these are already patented in other European countries. So the market is bound to grow over the next decades.

Mr Palsson said Pharmamed had invested significantly in upgrading facilities, equipment and human resources.

"It is one of the best pharmaceutical companies around, according to authorities in the field."

He said the company was expanding and employing more people. Pharmaco group wants to transform the Maltese subsidiary into the main supplier in Europe.

With its headquarters in Iceland, Pharmaco's operations span the continents. Apart from Malta, it has development and manufacturing facilities in Bulgaria, Turkey, Iceland and Serbia. The group has established itself in the top 15 development and manufacturing pharmaceutical companies in Europe, mainly through the sale of generic pharmaceuticals.