As reported by the Pharma Times, Malta is hoping to attract investment from US pharmaceutical companies.
Speaking at a symposium by the Embassy of Malta and Malta Enterprise, John Mizzi, who represents both organisations, explained why Malta could be attractive to US pharma companies, “we have a fully trained, English-speaking labour pool and a pharmaceuticals curriculum at the University of Malta”.
Further benefits of Malta were explained by Mark Rosenbaum, general manager at Watson Pharmaceuticals’ Malta manufacturing facility, he said, “corporate tax is very competitive, effectively amounting to just 5% which in some cases can be lowered even to zero”. Malta is far lower risk than operating in Asia, where language and culture can be a problem. It’s a win-win situation”.
According to a report by Business Wire, Malta is one of the more stable economies in not only the Eurozone, but in the entire world. The Mediterranean island-state has managed to thrive through difficult economic times as a result of its fiscal conservatism, booming tourism industry and strong industrial base.
Malta has seen great growth in its generics sector which is just over 5 years old and already employs over 500 people. A key driver of this has been the fact that companies are strongly attracted by the fact that Malta’s legal framework allows pharma companies to develop generics in advance f patent expiry.
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