IRELAND’S PHARMACEUTICAL sector needs to reposition itself and “scale up” its existing operations if it is to retain its multibillion-euro pharmaceutical industry and stave off the major challenges facing the sector in the next decade, according to a new strategy document launched by PharmaChemical Ireland in New York yesterday.
The document was launched at the annual meeting of the Drug, Chemical and Associated Technologies Association, a major industry event for the US pharmaceutical sector. It highlights the challenges facing the global pharmaceutical industry as patents for major “blockbuster” drugs are expiring, emerging replacement products coming through the research pipeline are lacking, and the industry is opening up to generic competition.
It warns that Ireland is particularly exposed to industry changes, as many of the world’s major drugs are produced here.
The culmination of a year-long consultation with the Irish pharmaceutical industry, the report makes many recommendations, including: shortening the time it takes for a drug to move from clinical trial to the market; transforming sites to include onsite pilot plant and clinical trials manufacturing facilities; enhancing tax breaks for intellectual property and RD activity; and reducing manufacturing costs through the development of innovative manufacturing processes.
The report also calls for an increased focus on innovation and RD. “Traditionally, Ireland was perceived as a global manufacturing source for pharmaceuticals, something we did very well. But simple high-volume manufacturing will not sustain the long-term future of the industry,” director of PharmaChemical Ireland Matt Moran said yesterday.
He said Ireland needs to combine its manufacturing activities with process and product development at pharmaceutical facilities, as well as increasing its RD output. “This will set us apart from competitors and increase the level of intellectual property undertaken in Ireland.”
Representatives from PharmaChemical Ireland, Minister for Children Barry Andrews, the IDA and multinational pharma companies located in Ireland attended yesterday’s strategy launch, which aimed to showcase Ireland as an attractive investment location.
The pharmaceutical industry was worth €44.17 billion in 2008, according to PharmaChemical Ireland – representing 50 per cent of total Irish exports in value terms. It is estimated that the industry employs in excess of 24,500 people in Ireland.
