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Cyprus has a 30-year history of exporting generic pharmaceuticals and exporting to the United Kingdom has been one of its largest export markets. Due to the small sized, fragmented local market Cypriot pharmaceutical companies have early established that it is more strategically wise to export products overseas than focus on the local market.
Cypriot companies are dedicated to the development, production and sale of high quality generic and own branded pharmaceutical products. These fall into a wide range of therapeutic categories such as antibiotics, analgesics, cardiovascular drugs, diuretics, antihistamines, antidiabetics, hormones and synthetic substitutes, vitamins, cough medicines and expectorants and more, in oral (solid and liquid), parenteral, topical and rectal presentations.
Pharmaceuticals have been the most valuable export for Cyprus for a number of years valued over €200 million in 2016. The constant growing value of exports in the pharmaceutical sector confirms the constantly modernised production lines, introduction of most recent technologies and guaranteed high quality products that meet all EU standards.
There are also other benefits that Cyprus offers including a similar legal system to the UK, highly trained English-speaking staff, an export-driven mentality, and an excellent geographic location at the crossroads of Europe, Asia and Africa. There is also the possibility of in-licencing products and putting contract manufacturing agreements in place. |
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