EU membership puts 'Pharmamed in stronger position'

Pharmamed has been following a clear growth strategy to develop sales to the EU, one of the most important pharmaceutical markets in the world, company managing director Steinthor Palsson said yesterday.

He was reacting to a comment made by opposition leader Alfred Sant at the Labour Party's mass meeting last Sunday, in which Dr Sant included Pharmamed in a list of companies whose workforce, he claimed, faced an insecure future should Malta join the European Union next year.

The company said it felt duty bound to clarify its position with regard to EU membership.

"The Icelandic company Delta purchased Pharmamed in 2001 with the objective of utilising the Maltese company to supply markets within the EU.

"Since then, Pharmamed has invested heavily in upgrading its operation in order to meet the regulatory requirements of the EU. This investment has been made with full knowledge that Malta may be an EU member next year.

"Should Malta join the EU, Pharmamed believes it will be in an even stronger position to serve markets not only in Europe but all over the world. The company looks forward to taking on the challenges and opportunities that Malta's membership will bring.

"The company is now well prepared to compete within this highly regulated market, having invested heavily not only in the factory, but more importantly into training its valuable employees who are very much a part of Pharmamed's future."