Ireland Pharmaceuticals and Healthcare Report Q4 2017
Despite Ireland's robust economic growth, pharmaceutical spending growth will remain muteddue to cost-control measures targeting drug spending over the coming years. The small domestic drugmarket by regional standards will continue to weigh on Ireland's attractiveness to drugmakers seeking tolaunch and commercialise an innovative medicine. Meanwhile, Ireland will remain a top European locationfor multinational pharmaceutical investment, given tax incentives and a skilled workforce. European andglobal economic growth will sustain Ireland-based drug exports growth.
Headline Expenditure Projections
Pharmaceuticals: EUR2.28bn (USD2.52bn) in 2016 to EUR2.25bn (USD2.48bn) in 2017; -1.1% inlocal currency terms and -1.7% in US dollar terms. Forecast in line in local currency terms and revisedslightly upwards in US dollar terms from last quarter.
Healthcare: EUR15.48bn (USD17.12bn) in 2016 to EUR15.91bn (USD17.50bn) in 2017; +2.8% in localcurrency terms and +2.2% in US dollar terms. Forecast broadly in line with last quarter.
In August 2017, IDA Ireland, the agency responsible for the attraction and development of foreign directinvestment in Ireland, was in discussion with several Indian companies that have a presence in the UKand supply the EU market. They stated that after Brexit, Ireland hopes to see more pharmaceuticalcompanies from India setting up in Ireland to service the European market.