Last Updated on November 7, 2024 by admin
Hard work is the core of Ireland’s growth in pharma exports and label manufacturing.
Ireland’s real footprint in the global pharmaceutical world is via the country’s manufacturing base, as despite having a population of only 4.6 million people, Ireland is one of the largest, most concentrated, and most capable pharmaceutical production hubs in the world.
Ireland ranks in the top ten amongst countries by value of pharmaceutical production, after Switzerland and ahead of Italy. Upstream of finished pharmaceutical products Ireland has a strong organic chemical sector that exports another EUR 15 billion, and the country is also home to Europe’s second largest MedTech manufacturing hub. With such a variety of life science related manufacturing taking place in Ireland, significant tertiary industries have developed to support the major multinational manufacturers, along with a deep base of expertise in manufacturing that now extends to R&D excellence in areas tied to manufacturing, if not basic science and drug discovery.
Ireland’s robust pharma manufacturing base has been built over the last three decades largely thanks to Ireland’s highly competitive, clear and transparent tax regime which has featured a historical headline corporate tax rate of 12.5%. This important financial incentive has been well supported by other initiatives intended to help promote the growth of Ireland’s knowledge economy, with a national network of technical training institutes developed in the 1970s, and higher-level education made free in the 1990s. Thus, Ireland has always worked to ensure skilled labour is available to prospective investors, and as such has been highly successful in attracting FDI for many years.
Since the early 2000s, Ireland has made a concerted effort to offer skilled labour and supports specifically for biopharmaceutical manufacturers. As such, a significant portion of pharmaceutical investments in Ireland have been in biopharmaceuticals, and the scale of these investments is massive. Aligned with this growth, Label Craft continues to work hand in hand with Pharma companies providing labels, cartons and patient information leaflets from its factories in Dublin. A growing workforce and a commitment to sustainability the company was taken over by EU Asteria Group in 2022 as a perfect fit for their growing European based acquisitions.
