Pharma patent cliff impedes production

Industrial production fell by nearly 14% in September as the effect of the so-called pharma patent cliff began to bite in to Ireland’s industrial output.

The largest contributor to the fall in industrial output was the collapse of the basic pharmaceutical products and preparations which slumped 35.2%, dragging the whole index into negative territory.

PharmaChemical Ireland director Matt Moran said the sector is traditionally volatile but admitted that unless new products were found to replace the drugs that have come off patent, the sector will face problems.