Irish pharma sector 'can survice patent cliff'

Irish pharma sector 'can survice patent cliff'

Economists and industry experts say the Irish pharmaceutical sector can survive the so-called "patent cliff".

It follows the news that 150 jobs are to go at Pfizer's Newbridge plant; and the loss of almost a thousand jobs at MSD in Dublin and Wicklow over the next four years.

Both announcements mentioned the impact of the expiration of valuable patents - and increasing competition from generic drugs.

But industry experts say the multinationals are now shifting towards "bio-pharmaceuticals - which use proteins and DNA instead of chemicals.

Seamus Coffey, an economics lecturer at University College Cork, said that Ireland can benefit from that move.

"They have built a lot of facilities in Ireland - the issue is they're still waiting for the drugs to get through," he said.

"They have a patent for a limited period of time, so as soon as that drug gets approval to go to the market, they're ready to manufacture and ready to roll and they've invested quite a large amount in Ireland over the past couple of years but they're simply waiting for the pipeline to have a couple of things roll off and then the manufacturing will pick up again."

More in this Section

T-Mobile merges with Sprint and CEO steps downT-Mobile merges with Sprint and CEO steps down

Stock markets worsen amid dire dataStock markets worsen amid dire data

British banks warned it is ‘unacceptable’ to deny funds to firms in Covid-19 crisisBritish banks warned it is ‘unacceptable’ to deny funds to firms in Covid-19 crisis

Official data to reveal big hits to jobs and tax in just the first two weeks of Covid-19 lockdownOfficial data to reveal big hits to jobs and tax in just the first two weeks of Covid-19 lockdown


Lifestyle

Another great aspect of being able to roam around Phoenix Park is the abundance of wild garlic, which flourishes throughout the great expanse.The Currabinny Cooks: going wild with garlic

Dyed purple hair, fake tattoos ... Ophelia Lovibond certainly went against type for her latest role.Succes from Failure: Ophelia Lovibond certainly goes against type for latest role

Keeping plants like lupins and delphiniums happy now will pay off this summer, says Peter DowdallPeter Dowdall: Embark on a perennial quest

Three figures with roles in the Cork band’s trajectory tell Ellie O’Byrne about the legend-in-the-making that was sadly never to be.B-Side the Leeside: Nun Attax and the Knocknaheeny Shuffle

More From The Irish Examiner