Biopharma industry faces serious challenges
23.02.2012
Ensuring the sustainability of the biopharmaceutical industry in Ireland requires innovative and strategic policies and a collaborative approach, a briefing heard today.
Entitled ‘The Biopharmaceutical Industry – protecting investment through sustainable policy’, the briefing was jointly hosted by IPHA and PharmaChemical Ireland (PCI).
The sector employs over 25,000 people and accounts for over 50pc of Irish exports (€51 billion) and half of all corporation tax.
“Government policy needs to urgently recognise the very serious challenges facing the industry. A number of blockbuster drugs are coming off patent, with some commentators estimating the resulting fall in worldwide revenues to be as much as €100bn,” said PharmaChemical Ireland director Matt Moran.
“Many of these blockbuster drugs are manufactured in Ireland. The key challenge is to continue to develop the sector as a global centre of excellence for innovation and development.
"Our healthcare policy must support access to innovative medicines and medical technologies that are developed in Ireland. It is vital that the Government continues to take a long-term view of the overall cost of healthcare. Medical treatment funding is regarded as an investment in the nation’s health and economic prosperity. Such an approach will send a positive signal to pharmaceutical companies."