According to Irish Pharmaceutical Healthcare AssociationIrish pharma industry needs more research if Ireland wants to remain as a major pharma industry in the world.
Irish pharma industry needs more research if Ireland wants to remain as a major pharma industry in the world, said experts at IPHA (Irish Pharmaceutical Healthcare Association) annual meeting, according to news published by Ireland On-line on November 22 2006.
Michael Martin, enterprise trade & employment minister, said that the nation requires a new kind of high-end manufacturing focusing mainly on research & development, drug discovery & process development. He highlighted govt. efforts to revise the present R&D (research & development) tax credit to make Ireland a nation known for its researching excellence.
John McLaughlin, IPHA President said that in past 20 years, the country has emerged as a favorite location for international research in pharma industry. Ireland is world's largest net pharma exporter, and 14 of top 15 pharma firms are running their manufacturing businesses there.
He warned about increasing competition from other countries for research based pharma investment & the challenge for Ireland pharma industry to progress significantly in coming years. There's a need of vibrant, research-led pharma industry to create a knowledge-based economy in Ireland, he said.
Ireland pharma industry has been a key industrial development contributor to the economy for many years. Industry has contributed significantly to economy generating over US$ 3.85 Billion in annual corporate tax revenues. High-value & knowledge-intensive feature of Ireland pharma industry can be seen in high export levels & high employment ratio, with over 50 % of third-level graduates employed by pharma industry.
The risk, however, comes from competitor nations, manufacturing new products. If significant research & funding is not made, the industry will witness a gradual downfall & could result in reduced employment & tax revenues, as Ireland will start losing new projects to competitor countries.
A pharma industry analyst at RNCOS said, "R&D activities & innovation will act as key drivers to bring Irish pharma industry to next level. Ireland holds tremendous potential to become a world-class hub for internationally recognized clinical research. Technical innovations & skilled labor can help transformation into knowledge-based economy from manufacturing-based economy."
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