Impact of expiry of global patents ‘less than feared’

Irish pharmaceuticals’ dependence on imported raw materials means the impact on GDP of the expiry of key global patents will be far less than has been feared, according to chief economist with Davy Stockbrokers Conall MacCoille.

In a research report issued yesterday, Mr MacCoille says fears of the so-called pharmaceutical patent cliff are misplaced.

He notes that just a third of pharmaceutical export revenues count towards GDP.