The state of the Irish pharmaceutical industry

The Irish pharmaceutical industry continues to be an international success story and this article outlines the achievements of the industry and discusses the main threats and opportunities for future development. The sector took off in the 1970s following the Industrial Development Authority’s adoption of pharmaceuticals as one of its target sectors. This resulted in a series of manufacturing investments, notably by US- and UK-based companies. Currently, Ireland’s main strengths in attracting foreign investment in pharmaceuticals include its low rate of corpora - tion tax (12.5%), its educated labor force, access to the European market, well-developed regu - latory capabilities and a supportive industrial development agency