Ireland’s pharmaceutical industry is recognized as a global center of innovation and manufacturing excellence.
The global reputation has been bolstered by the level of Foreign Direct Investment (FDI) in the country.
About 120 foreign pharmaceutical companies have plants in Ireland, including nine of the largest in the world. However, domestic players are also thriving.
The modern Irish pharmaceutical sector took off in 1964, when a New York-based company named Squibb—once a supplier of drugs to the Union Army during the American Civil War—became one of the first foreign pharmaceutical companies based here, wholesale- Swords, a key manufacturing material for tablets and capsules in Dublin.
More than half a century later, Bristol Myers Squibb was responsible for one of the most important pieces of FDI in Ireland’s life sciences when it built its $900m (€865m) biologic medicine facility in Cruzerth, near Blanchardstown, Dublin. Did.
The US pharmaceutical behemoth isn’t alone – Ireland is filled with the world’s biggest drug giants. Players like Pfizer, MSD, Novartis and AbbVie, which feature on this year’s best employers list, all have plants here.
In its data covering international trade for 2021, the Central Statistics Office (CSO) noted that exports of medical and pharmaceutical products showed a strong showing overall in Irish international trade. They accounted for 38 percent of all merchandise exports last year, valued at €62.6bn.
The pharma giant is ramping up production as there is a demand for drugs and products to treat COVID-19.
According to IDA, approximately €2bn is invested annually in biopharma research and development by IDA client companies, with an average of €1bn capital investment per year for the past 10 years.
The state agency responsible for attracting inward investment claims that Ireland has “one of the youngest and most highly educated populations in Europe”.
“It provides a rich and strong pool of talent to the region, which continues to benefit from high levels of investment in third-tier education and development of partner groups,” IDA says on its website.
Ireland’s universities have solid cooperative ties with the fields of engineering, chemistry, biochemistry and biotechnology.
IDA has said that feedback from industry about its skill needs goes directly to the universities and advances Ireland’s pursuit of “biopharmaceutical academic excellence”.
According to the Irish Pharmaceutical Healthcare Association, the sector directly employs over 24,500 people, with an equal number of people employed to provide services to it.
Last September, AstraZeneca announced a $360m investment in a new manufacturing facility in Dublin. The facility, which could create up to 100 jobs, is set to prime time for commercialization, reduce costs and introduce more sustainable manufacturing processes.
speaking with sunday free Earlier this year, AstraZeneca Ireland boss Dan Voigl said expertise within the Irish industry is “extraordinarily high”.