MONTREAL, June 22, 2015 /CNW Telbec/ - Morris Goodman, Chairman of the Board and Co-Founder of Pharmascience Inc., and Dr. David Goodman, Chief Executive Officer, announced today that the company will invest a total of $55.7 million by the end of 2016 to modernize its R&D facilities and increase its production capacity in Greater Montreal.
The announcement was made in the presence of Jacques Daoust, Minister of the Economy, Innovation and Exports, and Pierre Arcand, Minister of Energy and Natural Resources and MNA for Mont-Royal. The investment was made possible by financial contributions of $4 million from Investissement Québec and $800,000 from Emploi Québec, which will enable Pharmascience to pursue a diversification strategy based on the development of new products and an increased international profile.
Both Morris and David Goodman expressed their appreciation of the Government of Quebec's support, which will greatly assist Pharmascience in its efforts. Of the $55.7 million, $8.2 million will go towards the modernization of the company's R&D facilities to facilitate the development of new products for international markets. The additional $47.5 million will support new production, packaging and quality management technologies to better meet the growing global demand for the medications the company manufactures, while also enhancing its competitiveness.
"We are proud of the progress we have made since 1983. Pharmascience is now the largest employer in the pharmaceutical sector in Quebec, and the third-largest in Canada. The investments we are announcing today will help create 65 new jobs, and help secure the existing jobs based in Greater Montreal," said Morris Goodman.
"Since Pharmascience was founded, we have invested over $500 million in R&D. Today's announcement reflects our ongoing commitment to pursuing growth with the objective of becoming a world leader in pharmaceutical manufacturing, while also being recognized as a multifunctional centre of R&D excellence. Our goal is to increase our presence both internationally and in the innovative drug market," said Dr. David Goodman.
About Pharmascience Inc.
Established in 1983, privately owned Pharmascience Inc. is the 3rd largest retail generic manufacturer and 10th largest pharmaceutical company in Canada, with a highly skilled workforce of 1,623 employees, 1,546 of which are Quebec-based. Pharmascience Inc. commercializes nearly 400 product families in 20 different dosage forms for over 2,000 products, including generic, branded prescription and over-the-counter consumer products. In Canada alone, more than 45 million prescriptions a year are filled with Pharmascience products. Additionally, Pharmascience has a significant international presence in 60 countries. Operationally, Pharmascience is fully integrated and controls all aspects of its operations, from R&D, through manufacturing to commercialization.
SOURCE Pharmascience Inc.
Image with caption: "Minister Jacques Daoust, Dr David Goodman, Chief Executive Officer, Pharmascience, Minister Pierre Arcand. (CNW Group/Pharmascience Inc.)". Image available at: http://photos.newswire.ca/images/download/20150622_C9766_PHOTO_EN_43679.jpg
Image with caption: "Pharmascience (CNW Group/Pharmascience Inc.)". Image available at: http://photos.newswire.ca/images/download/20150622_C9766_PHOTO_EN_43653.jpg
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