Challenges Facing Ireland’s Pharmaceutical Sector

In order for Ireland to retain its multi billion-euro pharmaceutical industry, it is necessary for Ireland to reposition itself and “scale up” its current operations. This is from a new report released by PharmaChemical Ireland, which also states that Ireland needs to “stave off the major challenges facing the sector in the next decade”. These challenges include “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”. They explain that Ireland is particularly vulnerable to these changes as so many of the world’s largest medicines are produced here.

The reports recommendations include: “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” according to The Irish Times. Ireland has always succeeded in being a strong area for global pharmaceutical manufacturers but relying on high volume to create sustainability will no be viable. In order to set us apart from the crowd, we need to increase our research & development output as well as raising the level of product development at the manufacturing plants.

Source - http://www.irishtimes.com/newspaper/finance/2010/0317/1224266441308.html