Invest and Development Agency (IDA) of Ireland is wooing Indian pharma companies and life-science start-ups to take advantage of Ireland's high technology and low tax incentives to boost Indian companies' business growth from this strategic global location.
With its 12.5 per cent corporate tax, the lowest compared to 35 per cent of US and UK’s 25 per cent, Ireland is now attracting foreign direct investment (FDI).
Even as government of India is driving its Make in India plan, IDA is making its FDI pitch. “Indian companies are maturing and Ireland is ideal location for drug manufacture and pharmacovigilance studies. There are 1,250 global companies invested here of which 120 are overseas bio-pharma facilities. The life sciences sector alone provides 50,000 jobs in Ireland,” John, Conlon, executive vice president and director of Asia- Pacific, IDA Ireland told Pharmabiz in an interaction.
“We are keen on Greenfield investments from Indian pharma going by Ireland’s fast track clearances for new projects and no FDA issues. Indian companies will only stand to gain and have an easier access to US and EU region. There is ample scope for life sciences start-ups to capitalize on technology, tax and talent, he added.
Companies can consider establishing centres for technology support, R&D and sales in Ireland, said Conlon who is in India now talking to corporate majors.
Ireland is the only English speaking country in the Eurozone and provides an ideal hub for organisations seeking a European base. Nine out of the top pharma majors have facilities here. In 2014, the country was the 7th largest exporter of medicinal and pharma products. Out of the total $200 billion exports, pharmaceuticals and med-tech account for $80 billion earnings. Almost 30 per cent of the exports are from the pharmaceutical sector generating revenues of $64 billion, he said.
There are over 75 pharmaceutical companies in Ireland with 33 FDA approved plants. In fact, Ireland accounts for 33 per cent of the world’s contact lenses, 25 per cent of injectable devices for diabetics, 75 per cent of knee joint implants, 50 per cent of ventilators and 95 per cent of the Botox drug is produced here. This indicates the importance of this country from a pharmaceutical, lifesciences and medical device industry perspective to manufacture difficult products, said the IDA-Ireland VP and director, Asia Pacific region.
From finished formulations to bulk drugs, bio-pharmaceuticals, generics and diagnostics, Ireland is home to global names: Pfizer, Astellas, Leo Pharma, Allergan, Amgen, Mylan and Eli Lily.