Potential for investment in the pharmaceutical industry

January 10, 2015

Join initiatives by CIPA – KEFEA

The potential to attract investments in the pharmaceutical industry and develop joint initiatives to improve the investment climate were discussed during a meeting between the Cyprus Investment Promotion Agency (CIPA) and the Cyprus Association of Research and Development Pharmaceutical Companies (KEFEA), which represents the pharmaceutical companies operating in Cyprus.

During the meeting, KEFEA board members as well as CIPA Chairman Christodoulos Angastiniotis and Director General Charis Papacharalambous analysed the international investment environment in which the two organizations are active, the local field, as well as the latest developments in the Cyprus economy. They also discussed the strategy followed to attract investment in the pharmaceutical sector and stressed the need to implement a sustainable National Health System (NHS) that goes by other European countries’ standards as well as to adopt strategic reforms in the Public Sector.

After the meeting, the Chairman of CIPA stated: “The pharmaceutical industry has potential for further growth and can significantly assist efforts to restart the economy. We feel KEFEA has a catalytic role to play in this effort, which is why we seek to develop substantive cooperation. CIPA is at the disposal of KEFEA to provide it with the best possible support and service, under the framework of its mission.”

KEFEA President Kyriakos Mikellis said: “A constructive discussion took place with CIPA. By setting up subsidiaries, the Research and Development multinational companies invested and continue to invest millions in the island, providing hundreds of jobs to mainly scientific personnel.” He concluded that whether the companies will continue, or even increase their presence in Cyprus will depend largely on the form the NHS will take and on whether this allows for patients’ equal access to new treatments.

Joint Press release CIPA – KEFEA