Ireland’s Brexit Trump Card
Despite the Trump administration’s tax cuts coming into force and Brexit on the horizon, Ireland’s biopharmaceutical sector will continue to thrive.
Tommy Fanning |
Ireland’s pharma story began just over 60 years ago, with Leo Laboratories making small molecule drugs out of Dublin. Today, Ireland hosts each of the world’s top 10 biopharma companies, with biopharmaceuticals making up 55 percent of Irish goods exports – €67.8 billion in 2017. Sitting on the edge of Europe, Ireland has served as a springboard for European markets. But with the Trump administration’s tax cuts coming into force and the UK’s departure from the European Union on the horizon, some have questioned whether Ireland’s biopharmaceutical sector can remain strong. I believe it can.
Major US companies are global corporations and will always require an international presence; and for companies looking to invest in the European market, Ireland will continue to be an attractive proposition. A series of investments made by US companies in Ireland since the legislation was announced – particularly on the biologics side – is evidence of this fact. In 2017, Merck Sharp & Dohme (MSD) invested in two sites (Cork & Carlow), Regeneron (Limerick) announced further expansion of their site, and Janssen (Cork), likewise, announced a major investment.
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