Ireland 'well placed' for future pharma innovation

Speaking at an event where pharmaceutical giant Pfizer was given IDA’s Special Recognition Award, Mr Lohan said he did not have any concerns for future foreign direct investment

Albert Bourla, chief executive of Pfizer, with Michael Lohan, chief executive at IDA Ireland. Picture: Maxwells

IDA Ireland chief executive Michael Lohan has said the country is “well placed” to capitalise on future innovation in the medical sciences sector despite pharmaceutical companies seeing a contraction along with declining exports.

Data published last week showed that Ireland’s economy shrank by 1.9% between July and September, largely driven by falls in sectors dominated by multinationals. The industry sector, which includes pharmaceutical companies, declined by 3.5% with exports also dropping 2.1%.