The product is a cardiovascular generic drug containing a combination of Lisinopril and Hydrochlothiazide, which help combat high blood pressure.

The drug’s development, which took five years, was initially at the group’s Icelandic headquarters and was then continued by the Maltese team at Pharmamed, particularly the stages leading to production.

Asked by this newspaper why Pharmaco chose to locate its production base here, managing director Stenthor Palsson said that Malta, like Iceland, fell outside the patent jurisdiction of a number of pharmaceutical products.

This, he added, provides Pharmamed with the opportunity to develop and stockpile generic drugs in anticipation of patent expiry in other markets.

Pharmaco group is a major player in the international generic pharmaceutical market with manufacturing facilities in a number of European countries. Mr Palsson described this launch “a landmark achievement” both for local operations and the group as a whole.

Pharmamed was actually bought by the Pharmaco group in 2001. However, although the company manufactures a line of pre-developed drugs, this is the first time a new product has been launched from Malta. And, as Mr Palsson stated: “this is just the beginning”, as similar launches are planned for later this year or early next.

The group has invested heavily in its subsidiary over the past years, a move that, it is hoped, will strengthen its strategic position, particularly vis a vis the rigid regulatory requirements of the EU.

In reply to a question, Mr Palsson amplified the implications of EU membership.

He explained that on the one hand, membership facilitated export procedures while on the other, the widespread recognition given to EU regulations enhanced their products’ marketability.