EU-backed, the Bulgarian company Huvepharma is becoming a global pharma leader
Thanks to a €100 million loan under the Investment Plan for Europe
- July 27, 2018 12:00
- Monika Dimitrova
Focusing on medication for humans and animals, Huvepharma is a fast-growing Bulgarian pharmaceutical company which has successfully marketed its products in more than 90 countries worldwide. Expansion and increased competitiveness on global markets require substantial financial investment, which is hard to get on favourable terms. Fortunately, the company’s management found a solution in the form of a €100 million loan under the Investment Plan for Europe. The so-called Juncker Plan, aims to promote investment in job creation and growth through more intelligent use of new and existing financial resources. The loan to Huvepharma is guaranteed by the European Fund for Strategic Investments, which is the central pillar of the Investment Plan for Europe.
Investment in the business unit at Biovet, a subsidiary of Huvepharma, will enable the company to increase its microbiological R&D and develop new vaccines and enzymes, as well as optimising its manufacturing processes for medicinal products. The project also covers the design, construction and management of two new production sites: a pharmaceutical and feed additive factory in Peshtera, where active substances, food additives, enzymes, probiotics and finished pharmaceuticals will be manufactured for the purpose of improving animal and human health, and an animal vaccine factory in Razgrad. As a result, 210 jobs will be created and Huvepharma will continue grow. Moreover, as a European company operating on global markets, it will also look to fulfil its potential by establishing itself as a world leader in the pharmaceutical industry.
Source: European Commission