Multinational pharmaceutical company Torrent Pharma has announced a €22 million investment on Wednesday to build a new production plant in Hal Far.
The facility will include a large pharmaceutical lab and is expected to generate around 120 new jobs. Works are scheduled to start next month and is expected to be completed by the third quarter of 2023.
The news was addressed by Torrent Pharma Malta general manager Fredrick Schembri during a press conference. He said that the first phase of the investment will see the company develop logistical and packaging operations and sterilisation testing labs in Malta, passing 16,000 batches annually.
The company also plans on developing an oncology mediation testing facility by 2024. The company was founded in India and is the flagship company of the Torrent Group conglomerate.
The Prime Minister addressed the press conference, saying that he believes Torrent is going places. Enterprise and Energy Minister Miriam Dalli also said that the foreign direct investment would make Malta its European centre for testing and quality control. Economy Minister Silvio Schembri said the substantial investment showed the company’s trust in the jurisdiction and that the testing lab would be one of the largest in Europe.
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