Ireland Continues To Lure Big Pharma Inside Its Borders
Ireland Continues To Lure Big Pharma Inside Its Borders
Ireland continues to try and make pharmaceuticals a strong sector of their economy. This is indicated by their attempts to create an economic haven for these companies through tax breaks and education programs that help residents develop the skills that these companies desire in employees. In 2010, Ireland was able to lure pharmaceutical heavyweight Aspen into the country, and the company immediately established initiatives that have been mutually beneficial. Aspen, a major player in big pharma, supplies both brand and generic pharmaceuticals across the globe along with other nutritional and supplementary products.
Ireland’s Minister for Jobs, Richard Bruton, is quoted as saying his country is currently targeting the pharmaceutical industry, and wants to continue the positive relationships with companies moving into the country. “Pharma is a key sector we have targeted in our Action Plan for Jobs,” Bruton said. “In particular, we have targeted generics and biopharma companies who continue to grow despite difficulties in the traditional pharma sector, and in the past two years employment has grown in the sector overall.”
Ireland has had tremendous success attracting big pharma, and landing Aspen was just their latest victory. In 2011, Ireland was the biggest net exporter of pharmaceuticals in the world, and pharmaceuticals accounted for nearly half of the country’s exporters. The nation that once simply supplied ingredients to pharmaceutical companies has transformed itself by providing companies with skilled employees and favorable economic conditions.
Group chief executive Stephen Saad of Aspen believes that the work conditions in the country continue to make it a sound base of operations. “Ireland’s strong pharmaceutical sector provides a workforce with the specialized skills we require and a strong regulatory and business environment.” Saad said.