On February 21, Friday, CIIM MBM students visited Medochemie in Limassol. It was a specially organized company visit for the CIIM MSc Business Management students as part of the Career & Industry Seminars course & the introductory session for the participants of the course ‘Special Topics in Management: Medochemie Live Case Project 2020’ – following our key philosophy of Learning By Doing.
Medochemie is a role model for other companies and would-be entrepreneurs. Starting with just 8 employees and 3 machines in 1976, Medochemie developed itself into a mighty manufacturer of quality pharmaceuticals for the global market that has received numerous awards from the Cyprus government and from the European Union for outstanding performance. This company and its enterprising founder and Chairman Dr. Andreas Pittas have disproved the often heard excuse that Cyprus is too small and too isolated and costly to manufacture and export products to the world market. Medochemie manufactures medicines in Cyprus and exports them to many markets such as Germany, France, England, Italy, Australia and Japan, among others. With 1,800 employees, 60% of them scientists, Medochemie shows how Cyprus can solve its problem of growing numbers of unemployed university graduates by developing export-oriented companies that employ highly educated people to produce high value-added products for export. Medochemie manufactures and exports 630 different products under the Good Manufacturing Practice regulations of the EU and the WHO. Yet the company does not rest on its laurels and continues to open new markets and built new manufacturing plants.
Our meeting with the managers from the HR and Marketing departments took place in the impressive conference room of the company’s new building. This year the presentations focused on their new products: nutritional supplements by Agetis, a new company within the Medochemie Group. In ancient doric dialect, Agetis means ‘leader’, and the company’s vision is to become one of the global leaders in the nutritional supplement market. As part of our company visit, we were taken on a tour inside Medochemie’s colorful AZ factory, to see first-hand the manufacturing process and the superb quality control procedures.
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