Nowhere else in the world will you find a government as actively invested in the cultivation and growth of the indigenous pharmaceuticals industry as in Ireland, where the Government has met several times with industry in recent months to devise a new plan to ensure Irish industry is at the forefront of industry innovation.
At two recent conferences, the government discussed with industry drawing up a plan to ensure Ireland's biopharmaceuticals industry is at the forefront of the development of new technologies and digitalised processes.
Under the new strategy, the Government hopes to support the industry to tap opportunities from artificial intelligence, advanced manufacturing processes like 3D printing, and data analytics.
Ireland's Strategy To Support Biopharma Ventures
Ireland's new strategy is likely to include a focus on realising Ireland's potential in cell and gene therapy. It will look to boost Ireland's pool of talented individuals and result in the creation of new production sites across the country.
Already Ireland's biopharma industry is a powerhouse, with the country home to the top ten largest biopharmaceutical companies in the world and more than 85 key industry players. However, Irish industry has said it is aiming to triple the number of clinical trials conducted in Ireland, from 125 studies to 375.
Minister for Business, Enterprise and Innovation, Heather Humphreys, pledged the Government's full support for industry efforts, in comments before BioPharma Ambition 2020, where she stated:
"Foreign direct investment is a key engine of economic growth in Ireland. A significant proportion of that growth is powered by the biopharmaceutical industry. The government wants to work with the industry and others to ensure that Ireland has the best operating environment to retain and attract investments and keep the country competitive for ground-breaking research and development."
The Government has said, to ensure Ireland builds a highly skilled workforce, it will work to deliver new higher education programmes, co-designed by industry, academic and clinical leaders. These will be aimed at delivering a new generation of biopharmaceutical innovators with expertise in areas like artificial intelligence, machine learning, cell and gene therapy, genomics, and digital therapeutics.
In addition, Ireland is also to increase its involvement in discussions at European level, to advocate for better intellectual property rights protections, especially in the development of new drugs for rare diseases.
Finally, the Government has committed to work with industry to speed the adoption of new technologies and treatments.
With its 12.5% corporate tax rate, generous tax reliefs for research and development, including the Knowledge Development Box, and various government supports, Ireland is the perfect base for your biopharma venture.
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