Ireland remains one of the most promising and opportunity-rich countries in Europe. An ideal territory to establish the headquarters of any company and benefit from certain tax advantages. However, there are sectors with great potential, such as pharmaceuticals and technology.
The pharmaceutical sector continues to drive the Irish economy, thanks to the amount of exports of medicines considered as high-end, such as cancer treatments. Multinationals in the sector play a key role in job creation and, consequently, in the generation of wealth for the country.
There are over 120 pharmaceutical companies established in Ireland. Most of the pharmaceutical companies have established their facilities in Dublin and Cork, but some of them are also located in other less well-known cities such as Sligo, Waterford or Mayo.
Five of the fifteen best-selling pharmaceuticals in the world, which are used for the treatment of some forms of lung cancer, are produced by Irish companies. Other treatments used to alleviate the effects of rheumatoid arthritis produced by Pzifer, or the anticoagulant from Bayer and Johnson & Johnson, account for a high number of revenues per year.
If we look at the figures published by the Central Bank for previous years, we can see that during the first nine months of 2019, pharmaceuticals accounted for 62% of goods sold abroad.
On the other hand, the Irish pharmaceutical sector has a powerful supply network. Many of the drugs produced in the country are exported to the United States and Belgium, the epicentre of distribution to the rest of Europe. In the case of the United States, business is assured, since the Administration approves these drugs and encourages them to promote their sales. In addition, patents protect many of these drugs and manufacturers are not faced with possible generic copies.
The growth of the pharmaceutical industry, together with that of the technology sector, makes Ireland one of the most important countries in this respect. For this reason, having global pharmaceutical and high-tech companies based in the Republic brings great benefits to the country in the long term.
If you are looking for new job opportunities abroad and don’t know which country to choose, this article will show you why Ireland is one of the most recommended destinations. You do not have to fear change, at ISEA we can accompany you throughout the expansion process of your company. Contact us and you will receive information as soon as possible.