Cyprus’s manufacturing sector is comparatively smaller than that of other countries within the EU. However, pharmaceuticals are among the main industrial products manufactured in Cyprus. The industry of medicine and pharmaceuticals in Cyprus has grown during the last decade, although during the financial crisis of 2013 the industry faced a significant crisis itself. Today, the medicine and pharmaceuticals industries are one of the most promising and most strong-becoming industries in Cyprus, advancing research and new technologies, and attracting foreign investors at the same time.
Our law firm assists domestic and multinational companies with pharmaceuticals, biotechnology, medical devices, cosmetics and food supplement issues. We provide our clients with advice on gaining and maintaining market access, on submission of strategies and documentations to the competent authorities and trade associations, and assist them to overcome the challenges posed by this complex industry.
We provide advice to healthcare services groups, pharmaceutical, biotech, medical device companies, insurers and banks on corporate finance, mergers and acquisitions, tax regulations, competition law, IP and anti-trust projects, licensing and distribution, and clinical trials. We assist our clients in establishing their businesses in Cyprus or expand their Cyprus-based businesses within the EU and vice versa, whether through M&A, joint ventures or distribution agreements.
In order to wholesale medicinal products in Cyprus, a Wholesale licence for medicinal products is required to be obtained from the Registrar Drugs Council of the Pharmaceutical Services of the Ministry of Health. Licensed wholesalers of medicinal products must comply with the Medicinal Products for Human Use (Control of Quality, Supply and Prices) Laws of 2001 and the Medicinal Products for Human Use (Procedure and Content of Examination for a Wholesale Licence) Regulations. Our expert team is able to advise you in regard to the relevant regulatory requirements, guide you through the drafting and submission of your application to the Registrar and ensure that your business will be in compliance with the requirements of domestic and EU law, including the EU Drug Safety, Pharmacovigilance, and Quality System regulations.
Regarding the abovementioned practices, our expert team may provide the following services: