Ireland Thriving in Life Sciences and Healthcare
Life Sciences: A Thriving Industry in Ireland
The life sciences sector in Ireland is flourishing. Merk (a pharmaceutical company that is known as MSD in Ireland) has created over 300 additional jobs at its manufacturing plants as part of a €280m investment in the sector. Merk’s Irish sites are involved in the production of more than 50 percent of their top 20 products.
Evolving from Processing to Innovating
The life sciences sector in Ireland has matured from a focus on processing to the innovation of new products that can change the industry. As such, companies such as GlaxoSmithKline, Eli Lilly, Johnson & Johnson as well as Regeneron have since set up camp in the country and have contributed to this fast maturity in the sector. The latest figures from IDA Ireland show that there are over 120 biopharmaceutical operations, with 40 of these approved by the FDA. This provides a perfect opportunity for Ireland to produce goods and services for the US market.
Ireland: The Seventh Largest Exporter of Pharmaceuticals
According to Tommy Fanning, IDA Ireland’s head of biopharmaceuticals and food division, this country is the seventh largest exporter of pharmaceutical as well as medicinal products globally. The Irish Pharmaceutical Healthcare Association (IPHA) increases clinical trials by interacting with both the pharmaceutical and health services industry. This environment has enabled the life sciences industry to flourish further and make Ireland a force to reckon with.
Still Room for Improvement
However, IPHA CEO Oliver McCarthy, states that there is still room for improvement. In this, state authorities and the necessary stakeholders have the mandate of improving the efficiencies of the processes to get results at a faster rate. Additionally, the adoption of innovative products in the life sciences sector should be increased. In order to support this, the government is offering an R&D tax incentive of 25% on eligible expenses geared towards research and development activities.