The Walloon government has just announced its intention to release €20 million to fund investment bonuses for companies that manufacture products to fight Covid-19
This measure aims to provide financial support to the entire pharmaceutical and biotechnology sector, which has been on the front-line of the vaccination campaign.
As a result, this will affect industry players like GSK, Eurogentec and Novasep. These companies play a vital role in the production of products such as medication, vaccines and relevant medical treatments, intermediary products, active pharmaceutical ingredients and raw materials, as well as diagnostic tools.
WILLY BORSUS, MINISTER OF ECONOMY
This is about recognising the important work that these companies have done during the crisis and helping them to continue, sustain and even expand their activities
Biopharmaceuticals is the top sector in Wallonia in terms of added value. It makes up 27% of Walloon exports, with more than 16,000 people directly employed, including nearly 4,000 employees in SMEs, and 35,000 people employed indirectly.
This investment support, which is intended for SMEs and large companies with an establishment in Wallonia, will be granted for the production of the following products: medications (including vaccines) and medical treatments, intermediary products, active pharmaceutical ingredients and raw materials, as well as diagnostic tools.
This will take the form of direct grants, like traditional investment support. The minimum investment amount is €50,000.
The level of support is set at 50% of eligible costs for both SMEs and large companies, up to a maximum amount of €1.5 million.
The costs must be necessary for the production of products related to Covid-19, such as:
- organisation and equipment for buildings;
- new, second-hand or repurposed equipment, and the relevant ancillary costs, necessary for production, including storage and transport, as well as any packaging for products;
- costs related to tests for implementing new production facilities;
- costs related to product certification.
In order to be eligible for this support, the investment project must be completed within six months of the support being granted.
The investment support will be granted until 30 June 2021 at the latest and the applications must be filed with the Administration by 30 April 2021 at the latest.