Changes in pharma sector increase need to diversify exports -- Noone
17.02.2012
Ireland needs to continue to diversify its exports to take account of changing trends in certain sectors, particularly pharmaceuticals, Fine Gael Dublin South East Senator Catherine Noone said today.
Welcoming the measures contained in the Action Plan for Jobs, which will make it easier for indigenous firms to break into export markets, she said: “The pharmaceutical sector currently accounts for about a quarter of our exports, but this figure could diminish as many of the top-selling drugs which are exported from Ireland are coming out of their patented period,” she said.
“Five out of the world’s 12 top-selling medicines are produced in Ireland, and their sales will fall 52pc to $13 billion by 2013 as their patents expire, according to data compiled by Bloomberg.
“Changes like this in such a key industry, which could have a negative impact on our exports, underline the need to ensure we diversify our export portfolio. For this reason, I was glad to see a clear focus on helping indigenous Irish firms to realise their export potential in the Action Plan for Jobs.”
A new Potential Exporters Division is being set up within Enterprise Ireland. The division will go-live at the beginning of next month and will be working with a client base of 1,800 companies which are currently focused on the domestic market.