Pharmaceutical and agri-food sectors ‘should join forces’
Dr Wall said because Ireland does not have the economies of scale of some of our competitors and we have higher fixed costs, we have to differentiate our product on the basis of perceived value, quality and our production practices.
Dr Wall said one of the opportunities provided by the presence of nine of the top 10 pharmaceutical company’s in the world in Ireland is in the area of neutraceuticals which he described as hybrid products between a food and a medicine. “Cholesterol lowering, fat binding, immune stimulating, cancer preventing, are all categories in this new line of products. The opportunity exists to derive synergies between our vibrant pharmaceutical and agri-food industries.”
Speaking at the UCC Annual Business Conference, Dr Wall said “Ireland the Food Island” needs to become renowned internationally as a centre of excellence, producing safe food of high quality in an environmentally friendly way with the highest animal welfare standards. Consumer confidence in our products is a vital ingredient for success, he believes.
“Globalisation has made competitiveness crucial and if Irish food businesses are to survive and grow, they must respond to the challenges presented by the rapidly changing environment. To respond to the opportunities presented by this changing environment a fundamental question needs to be answered: What is the vision for Ireland the Food Island and then the second question: Is there a shared vision?” he added.
Dr Wall said that if consumers are anxious about the safety of their food, reassurance that the highest standards have been adhered to during its production may prove to be an effective marketing tool.
“Ireland the Food Island needs to become renowned internationally as a centre of excellence, producing safe food of high quality in an environmentally friendly way with the highest animal welfare standards. Consumer confidence in our products is a vital ingredient for success.”
