Economy can be boosted through pharmaceuticals, says presidential candidate

Increasing pharmaceutical exports can boost the economy, presidential candidate Nikos Christodoulides said on Friday.

Prospects for providing specialised services to European multinational pharmaceutical companies also exist, Christodoulides said, highlighting the fact that medicines are now the number one export sector, making up 32 per cent of Cyprus’ total exports.

The statements were made in the context of the presidential candidate’s visit to the pharmaceutical company Delorbis in Ergates, which exports 60 per cent of its production to Germany, Austria and France, and an additional 30 per cent to countries in the Middle East and Asia.

Another prospect for the sector, Christodoulides heard, is the production and supply of pharmaceutical raw materials necessary to manufacture drugs. Currently, China and India supply 70 to 75 per cent of such raw materials to the industry, which narrows the market for pharmaceutical companies.

Christodoulides praised the work carried out and the employment of many young scientists, as well as the prospect of hiring several dozen more in the near future.

For its part, the company management said the sector faces challenges such as a lack of specialised staff, delays in new drug registration, lack of upgrades for companies, such as for photovoltaic installation, or new investments, and the high cost of electricity.