Press Release 01 juil. 2010 This article apppeared in - Next Generation Pharmaceutical Barry O'Leary, CEO IDA Ireland Ireland is home to eight out of the top 10 pharmaceutical companies in the world and the relationship between the US pharmaceutical industry and Ireland is based on a history of successful investment and Ireland’s ability to meet the needs of US multi-nationals establishing operations in Europe. There are approximately 90 blockbuster drugs on the market; that is, drugs achieving sales of over $1 billion per annum. Today the top 10 blockbuster drugs account for around 10 percent of total industry revenue. Of these top 10 drugs, six are manufactured in Ireland. IDA Ireland, the Irish Government Agency responsible for investment and development, continues to position Ireland as the innovation-led and knowledge-based economy of choice for US pharmaceutical investment. Ireland provides a highly skilled workforce with an impressive regulatory track record and strong local management, and has a solid reputation for industry-academia collaboration. Currently there are approximately 20,000 people employed in the pharmaceutical sector in Ireland. We have a 12.5 percent corporate tax rate and a 25 percent research and development (R&D) tax credit. There is no stamp duty on intellectual property (IP) transfer in Ireland. Added to this, our industry-relevant infrastructure is second to none, with IDA linking companies with excellent pre-planned sites, a developed sub-supply system and world-class design consultants. The economic downturn of the last two years has also made Ireland a much more competitive location for foreign direct investment (FDI) and has seen a c. 30 percent decrease in the country’s building costs and significant reductions in land costs. An investment history from the pharmaceutical sector going back over 30 years has also led to Ireland’s leading reputation for pharmaceutical investment. Transformation is one of the primary factors for the continued success of Ireland’s pharmaceutical landscape, with many companies enhancing their original manufacturing functions through the addition of further high-end activities including research, development and innovation (RD&I) and convergence. The promotion of RD&I in Ireland is of paramount importance to IDA and this can be seen in the establishment of NIBRT, the National Institute for Bioprocessing Research and Training, funded by IDA. NIBRT’s mission is to conduct world-class research and training in key industrial areas of bioprocessing. The Institute trains highly skilled personnel for the bioprocessing industry and provides flexible, multipurpose research and training facilities. US Pharma giant Eli Lilly is currently carrying out collaborative research on glycan analysis in conjunction with NIBRT. Other leading research facilities in Ireland include the Centres for Science, Engineering and Technology (CSETS), which include the Alimentary Pharmabiotics Centre at University College Cork, with Proctor & Gamble involved in researching the impact of intestinal bacteria and probiotics on GI disorders. Ireland has secured over $5 billion of investment over the last number of years from biopharmaceutical corporations including Pfizer, Allergan, Genzyme, Gilead, Merck, Lilly and Centocor, and the majority of US pharmaceutical companies have multiple sites for both manufacturing and R&D. Despite this, the traditional pharma sector is experiencing slightly slower growth due to a combination of factors including patent expiries, competition within the growth of generic manufacturers and the increased costs of clinical and pre-clinical research. However, Ireland continues to lead the field in pharmaceutical investment. The life sciences sector, overall, was responsible for $52 billion worth of exports in 2009. Recent investments in the pharmaceutical sector include PPD’s $37 million investment in bioanalytical and chemistry services in Co. Westmeath; Centocor’s investment in a Biopharmaceutical Manufacturing Centre of Excellence in Cork; Merck’s investment of $245 million in a new vaccine facility in Carlow and Eli Lilly’s investment of a $490 million in biologics facility in Co. Cork. The IDA continues to work closely with its US client base in the pharmaceutical and biopharmaceutical sectors and works to ensure Ireland continues to be the location of choice for US investment.Biography - Barry O'Leary In October 2007, Barry O’Leary was appointed Chief Executive Designate of IDA Ireland. He has worked in IDA for over 30 years in most of its business areas, including two periods totalling 15 years in Germany, latterly as Director of Europe. O’Leary has led IDA teams in winning significant investments from a number of key clients, such as Lilly BioPharma, Servier, Pfizer, Centocor, Cordis, IBM, Kelloggs, Altana, Merck and Cisco Systems, among others.