Pharmaceuticals

Biovail

“Things are transparent and easy to understand in Barbados.”

Biovail Corporation, based in Toronto and listed on the Toronto and New York stock exchanges, is now ranked Canada’s largest publicly traded pharmaceutical company. It specializes in the formulation, clinical testing, registration, manufacture, and commercialization of branded and generic pharmaceutical products for distribution mainly in the United States and Canada.

Biovail’s predecessor company was founded in 1987 and established its principal subsidiary in Barbados in 1991. Today, Biovail’s Barbados office, a USD 8 million facility, “serves as the nerve center of the company for all business development and management of intellectual property,” according to Bill Wells, CEO. It also purchases products from manufacturers that it sells to distributors in the United States and Canada.

Bill Wells, CEO

Why would a Canadian company choose Barbados? Wells explains, “There is a long-standing relationship between Barbados and Canada, and Barbados makes a great business base because of the outstanding talent pool, and regular flights to London, Toronto, Miami, and New York. Barbados definitely has the necessary infrastructure for doing business. It is also a very safe and tranquil place to live.”

Everything works in Barbados

Businesses operating in Barbados will have no problem attracting top-quality employees thanks to the island’s very attractive lifestyle. Another advantage is Barbados’s international-standard legal system based on British law. “The courts work here. The government works. Things are transparent and easy to understand in Barbados,” Wells says.

Biovail works closely with local government and business organizations, and is very active in promoting Barbados as an investment target and business base. It also supports many community-service projects. “Many people believe that Barbados is a tax haven, which is not the case. In addition, companies do advanced work here. We are producing pharmaceutical products that are helping to treat sick people all over the United States and Canada.” To potential investors, he advises, “Consider Barbados.”