Last Updated on November 7, 2024 by admin
Ireland’s pharma sector is booming.
The latest export numbers from the Central Statistics Office published earlier this Spring showed medical and pharmaceutical products accounted for almost half of all Ireland’s growing exports. The sector accounts for more than 80% of the country’s trade surplus.
Exports by the medical and pharmaceutical sector grew by €2.9bn (48%) to almost €9bn in January 2024 compared with January 2023. This represented 48% of all Irish exports. Imports of medical and pharma products over the same period fell from €1,039m to €988m, resulting in pharma’s trade surplus for January rising from €5bn to €8bn.
In the economy, total unadjusted goods exports were €18.9bn in January 2024, a rise of €3.4bn compared with January 2023. Total imports were down to €9.1bn, €2.4bn lower than the figure in January last year. That means Pharma was responsible for €8bn of Ireland’s total €9.8bn trade surplus in January.
Attractive global market
According to an article in pharma life science, Eimear O’Leary, director of communications and advocacy at the Irish Pharmaceutical and Healthcare Association (IPHA) told Pharma News* that Ireland’s pharma sector has long punched above its weight and is now capitalising on Britain’s Brexit decision.
“Despite Ireland being one of the smallest countries in the EU, all of the world’s top 10 pharmaceutical companies have operations here,” she told Pharma News.
“Since Brexit, Ireland is now the only English-speaking country in the EU, which makes it especially attractive to a global market. Geographically, Ireland has proximity and ease of movement to other EU countries and Britain, with good access to the US. Other factors include our open, single market.”
Not so Great Britain
Trade with Great Britain (excluding Northern Ireland) was a stunner. The medical and pharmaceutical classification makes up the bulk of the larger chemical and related products category. This saw exports to the UK rise from €513m in January 2023 to €630m in January 2024. Imports from Great Britain in the same period fell from €405m to €179m.
Ireland’s industrial development agency IDA Ireland says Ireland is the world’s third largest exporter of pharmaceuticals, according to the UN International Trade Statistics database. It reckons the country has more than €116bn in annual pharma exports and is the third largest exporter of pharmaceuticals globally.
*Excerpts from this article appeared in Pharma News.
