MSJ Group tops list of pharmaceutical and vaccine suppliers to the state

M.S.Jacovides & Co Ltd topped the list of companies supplying pharmaceuticals and vaccines to the state in 2023, having provided products totalling some €18m.

The Treasury of the Republic of Cyprus published a list of the natural and legal entities that received payments of over €1m from the ministries, deputy ministries, state departments and services, and special government funds throughout 2023.

In an interview with InBusinessNews, President and CEO of MSJ Group in Cyprus Sotos Jacovides said it was a huge honour for M.S.Jacovides & Co Ltd to once again top the list of pharmaceutical and vaccine suppliers to the state.

These vaccines, he said, include the MMR jab, cervical cancer vaccines, as well as the vaccines for hepatitis and respiratory diseases. Also, a fairly significant percentage went towards biological products for the treatment of serious chronic conditions, such as rheumatism, and other particularly serious diseases. And dental products, oral hygiene products, nutritional supplements, medical equipment and allergy control products.

Now MSJ Group’s main focus is on transferring the company’s leadership from the second to third generation, said Jacovides. As he explained, the business is currently being run by four brothers who succeeded their father, pharmacist Michalakis Jacovides, who founded the business in 1944.

The MSJ Group, which holds a leading position in Cyprus’ healthcare sector, currently employs around 150 people, including 15 executives in key management positions. According to Jacovides, in the last 10 years or so, five people from the family’s third generation have joined the business.

“The aim is to complete the transition of the company’s and MSJ Group’s leadership smoothly to the new generation and of course, to continue to expand our operations as the Group has a significant stake in the private sector also, with a variety of health products,” said Jacovides.

“We are continuing our dynamic growth in all the health sectors we are active in, always human-centred, and with the primary objective of incorporating new, innovative products in Cyprus’ market,” he added. “To this end, in the next year we plan to introduce seven or eight new tertiary medicine products, in vital sectors for which there are currently no medicines available in Cyprus. Our effort is to incorporate these innovative products in the market the soonest possible, to serve special patient groups who currently don’t have access to any treatments,” said Jacovides.

Meanwhile, asked to comment on the current state of Cyprus’ medicines and vaccines market, Jacovides referred to the introduction of the General Health System as a “revolution” that changed everything in the health sector, offering a better service to patients.

On the other hand, he said, the companies – including MSJ Group – were forced to change their operations and adjust to the new state of affairs.

As he pointed out, the overall healthcare market recorded growth in the first two to three years of the GHS’ introduction, which proves that the system’s services have been embraced by the public, while he added that this has naturally limited the growth of the private pharmaceutical market.

“Despite the general stabilisation of the private pharmaceutical market, the market for innovative medicines continues on an upward trajectory, which significantly benefits the patients, their quality of life and society as a whole,” said Jacovides.

The list of 21 companies

According to the Treasury, 21 companies received payments exceeding €1m from the state to supply medicines and vaccines, with five of those receiving over €10m.

Trailing MSJ in second place was C.A. Papaellinas Ltd which received €13.6m from the state, followed by Pfizer Export B.V. with €13m. Alector Pharmaceuticals Ltd was fourth having received €12m, followed by Varnavas Hadjipanayis Ltd (€10.9m), Genesis Pharma (Cyprus) Limited (€9.5m), Geo. Pavlides & Araouzos Pharmaceuticals Limited (€6.8m), Cyprus Pharmaceutical Organisation Limited (€6.6m), Roche (Hellas) S.A. (€6m) and Gilead Sciences Hellas (€4.5m).