The government is holding talks with a leading foreign owned pharmaceutical company which wishes to expand its operations in Malta, Finance Minister Tonio Fenech said today.

He did not reveal the name of the company but said that despite the global economic storm, the pharmaceutical and bio-technology sector was one of those sectors that maintained its economic momentum in Malta.

"We can safely say that it has first survived the economic shocks and now is in a position to consolidate and expand."

Speaking at the World Meeting of Pharmaceutics, Biopharmaceutics and Pharmaceutical Technology Industry, which is being held in Malta, the minister said the global generic drug industry has witnessed an almost decade-long sales euphoria and volumes and sales growth of prescription generic drugs continued to increase in 2009. In the 12 months ended September 2009, global prescription sales growth of generic drugs climbed by 7.7%, up from 3.6% in 2008.

"In Malta, the value added of this sector reaches 300% of the average value added of all the direct productive activities. It is by far the sector that contributes mostly to our local added value. Annually each person employed in this sector adds value to around €110,000, whereas the average of the whole manufacturing sector is of €32,000. Employment in this sector has increased by 50% in the last three years."

These companies employ a total of 1,200 persons - 6% of the total population engaged in direct productive activities.

Malta currently hosts factories set up by Actavis, Aurobindo, Amino Chemicals, Medichem, Soleapharma, Stirling, Starpharma and Watson Pharmaceuticals among others. These companies originate from Iceland, Ireland, USA, Switzerland, Spain, India and Italy.

Mr Fenech said Malta was not only proud to have attracted such firms, but many of them had also been expanding their operations in recent years.

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