The Malta subsidiary of Teva pharmaceutical company is investing €30 million to strengthen its capacity to produce better quality medicinal products over 70 markets on a worldwide basis. In the year 2020, the investment began with €20 million which is being invested by the end of this year and a further €11 million is planned for 2023. The Teva Pharmaceutical Industry has been developing and producing medicines for more than a century. The company currently produces 2.2 billion tablets per year, which are approved by the Maltese Medicines Authority and other regulatory authorities.
Patrick Cachia, who is the site managing director at Teva Malta expressed that the main motive of this continued investment is to strengthen the manufacturing facilities and position the company for growth while also allowing it to take on new projects in the coming months and years. This investment portrays a strong sign of confidence in the Malta site of Teva Pharmaceutical industries-which has the largest supply chain of any pharmaceutical company worldwide. He further said that the root of what Teva Malta is today can be traced back to 1976 and consists of state-of-the-art bulk manufacturing and packaging facilities, testing laboratories, and warehouses which are maintained to the highest standards.
Prime Minister of Malta, Robert Abela, visited the company yesterday and praised the company and the hardworking professionals for the work and service that they are offering. Minister of Economy and Industry of Malta, Silvio Schembri, and Minister for Environment, Energy, and Enterprise, Miriam Dalli, were also present during the visit. Abela said that this investment is the result of a strong economy and an ecosystem that gives businesses the confidence to grow and invest. He further pointed out how this company reaches out to 200 million patients across the globe and called this a demonstration of confidence in the talent and economy of Malta. Moreover, he added that the forecasts of the European Commission and the reports of the international credit agencies have delivered a clear message that the way they are protecting people and keeping energy and fuel prices stable will have a positive impact on the businesses of Malta. He also noted that there are many fruitful opportunities for students who have graduated. Further, he praised the company for maintaining and following Environmental, Sustainable, and Governance (ESG) practices.
Cashia thanked the Maltese Enterprise, INDIS, and Medicines Authority for the constant support throughout these years, particularly during the pandemic, and also with regard to training assistance to upskill more employees. This investment will also help Teva Malta to employ 70 people in addition to the 430 employees. This will help work well with the recent move towards a 24/7 shift of the company.