Ireland has become a leading light in Europe – an epicentre of biotech business – as the country’s unique mixture of policies, factors and good timing has set it up for prolonged future success.
Roughly two decades ago, the country had about 50 biopharma companies spread all over the country. Now the number has jumped to more than 300 companies, making it the business hub in the region.
It’s learnt that new biopharma industry players are constantly moving in to set up the business in the country, while as the decades old ones have set down roots for future growth.
Over the past decade, Ireland has become the largest net exporter of pharmaceuticals in the European Union while drawing more than $10 billion dollars of capital investments. In 2015, the country produced over $44 billion in pharmaceutical exports, and it has witnessed an upward trend in 2016 and 2017.
As per IDA Ireland’s website, currently nine out of 10 of the world’s top pharmaceutical companies have established plants in the country. The life sciences industry including pharma, biotech and medical technology manufacturing accounts for about 21 percent of the country’s economy.
“We are at the leading edge of the biopharma economy. It’s a key demographic of our nation’s economy, with over half of our manufactured exports coming from the life sciences industry. We definitely want to see more companies come to Ireland,” said Tommy Fanning, the Irish Government’s head of Biopharmaceuticals at IDA Ireland. Mr Fanning was quoted on BioSpace.