Pharmaceuticals Account for Quarter of Exports But Only 2% of Jobs

Most exports flagged in recent years due to the economic downturn, but for Ireland, the success of pharmaceutical exports has actually increased our level of exports. Although the life sciences area, which accounts for drugs and medical devices, accounts for over a quarter of our exports but the industry itself only employs about 2% of the workforce. This sector generated over €40 billion in Irish exports last year, which is nearly a 3rd of the country’s multinational industry.

Six of the top 10 best selling drugs are made here in Ireland. These drugs are extremely expensive for drug makers to produce and expensive for patients to purchase as well. The US is currently thinking of expanding the time frame for market exclusivity to biologic drugs from 5 years to 12 years after the patent has expired.

Source - http://www.independent.ie/business/irish/pharmaceuticals-account-for-just-2pc-of-jobs-but-about-a-quarter-of-exports-2138556.html