The pharmaceutical industry in Malta : a fiscal perspective

Abstract

Purpose: The purpose of this study is to come up with ideas for the improvement of fiscal incentives for a holistic plan that may be offered to the pharmaceutical industry in Malta. Furthermore, the study examines the main fiscal incentives being offered in Ireland, Hungary, Belgium, Netherlands and Switzerland, which could be introduced locally. Design: The objectives of this study were achieved through a series of semi-structured face-to-face interviews with the best available persons from the local pharmaceutical industry. Findings: The findings of this study present the feedback obtained from the participants on both the fiscal and non-fiscal incentives being provided by the Maltese Government. Furthermore, it identifies the major challenges faced in the local pharmaceutical industry and shows respondents' perception on the future of this sector. Conclusion: This study concludes that although Malta's fiscal package is attractive compared to other countries, it still can be improved. Several recommendations were put forward to improve the pharmaceutical industry from a holistic perspective. Value: This study should be of contribution to local authorities, local pharmaceutical companies and for foreign investors wishing to set up a pharmaceutical plant in Malta. This study shows how Malta could further improve its fiscal package in order to attract more pharmaceutical companies to the island.