Generic pharmaceutical manufacturer Pharmascience has launched a major project aimed at modernizing its Montréal facilities and increasing its production capacity. “This announcement reflects our firm commitment to pursue our growth in order to become a global leader in pharmaceutical manufacturing, as well as a recognized multifunctional R&D centre. Our goal is to increase our presence both internationally and in the innovative drug market,” said Dr. David Goodman, CEO of Pharmascience.
By late 2016, the company will invest $8.2 million to upgrade its current R&D facilities in order to spur development of new products for international markets. Another $47.5 million will be used to support new production, packaging and quality management technologies. Through these initiatives, Pharmascience intends to improve its competiveness and meet growing global demand.
The project, which will create 65 jobs, is backed by a financial contribution of $4 million from Investissement Québec and $800,000 from Emploi Québec. “This project, along with several other recent investments, confirms that Québec’s life sciences sector is beginning to recover after a severe downturn,” said Jacques Daoust, Québec Minister of the Economy, Innovation and Exports, in an interview with the Montreal Gazette.
Operating in 60 countries, Pharmascience is Canada’s third largest generic drug manufacturer and 10th largest pharmaceutical company. It markets nearly 400 product families, including generic, branded prescription and over-the-counter drugs. Pharmascience has a highly skilled workforce of 1,623 employees, including 1,546 in Québec.
See Pharmascience’s press release