A plan to establish the largest pharmaceutical company in Ireland to compete with the world’s largest multinationals is under way and has been endorsed by the Irish Government.
Dublin’s largest drugmaker, Irish Therapeutics, has agreed to join the consortium of five multinational companies to form the first Irish-listed company to offer drugs from an Indian manufacturer, and is expected to announce its plans later this month.
The government has committed to a total of €1.3bn in investment from the European Investment Bank, the European Commission and other partners, with the company to make the most of the funds by selling its own medicines, as well as providing a number of technology services.
Dublín’s plan is to provide medicines to the Irish public through the company’s own pharmaceutical portfolio.
Dubs plan is the first of its kind to provide drugs to the entire population, rather than just the elderly, for the first time, according to a senior government official.
The announcement was made at the launch of a programme to build up the company, which is led by the company and is due to be completed by the end of 2021.
The official said the company is likely to have a global presence, as part of a broader plan to attract more foreign investment.
The company, set up in 2007, will provide medicines for use by the elderly and disabled in Ireland.
Dubnys chief executive, John Coates, said the plan was a long-term vision to provide Ireland with a competitive position as a major market in the global pharmaceutical industry.
“We are delighted to see this first-of-its-kind plan announced, which will support the growth of our pharmaceutical portfolio, with a view to providing medicines to patients worldwide,” he said.
“It will help us provide effective, affordable and high-quality medicines to our patients and the wider Irish population.”
Dublin, which already has the largest and most extensive private pharmaceutical sector in Europe, has had a strong focus on pharmaceuticals in recent years, following the closure of the US-based Turing Pharmaceuticals in 2014.
The move to form a multinational group was welcomed by pharmaceutical companies and government officials.
“Dublin is one of the fastest-growing, most innovative and most important cities in the world, and the success of this consortium will be an important asset to the city,” said Dr Andrew Fergus, vice-president of the Pharmaceutical Association of Ireland, a trade body representing the countrys pharmaceutical industry and pharma industry.
He said the deal would help boost investment in the country and boost competitiveness.
“This is the largest deal of its size we’ve seen,” he added.
“The opportunity for us is that it will make it possible for the company itself to focus on growing and investing in its business.”
In terms of the whole pharmaceutical sector, Dublin is an ideal place to start.
“The deal is expected take about two years to complete.
Dubling, a city in eastern Ireland, has been plagued by the high cost of medicine in recent decades.
There are no medicines available in the city for the elderly who rely on long-standing medication to prevent them getting sick, and there is no medical treatment for those with dementia, according the European Medicines Agency (EMA).
The European Commission is also monitoring the plan.”
There is a lot of excitement in the pharmaceutical industry,” said the EMA’s executive director, Maria Karpel, who added that the plan “will create an economic boost for the city”.
The EMA said it hoped the deal will help create a “powerful new platform” for the development of pharmaceuticals and will allow it to “provide medicines to people everywhere”.
Dublins plan will also allow it “to expand its own capabilities to offer innovative, quality medicines for the population in Dublin”, she said.
Irish Therapeutic’s chairman, Paul Coates said the announcement was a significant step forward.”
I think it will be a big boost for Dublin, the city, as we see the value in our city, and I’m sure it will have a positive impact for the wider community,” he told The Irish Independent.”
When you look at the amount of money that’s being spent on this city, it’s huge, and that’s not a problem.
“Dublin has a population of about 40,000 people, of whom about 6,000 are aged over 65.
Its total annual expenditure on healthcare is €1bn, according Eurostat, which estimates the city is home to more than 3,000 hospitals, 1,500 mental health and other health services, and 1,000 primary care facilities.
Dubbins population has risen significantly in the past 20 years, but the population aged 65 and over fell by a quarter between 2012 and 2014.
Dublians population rose by about 3.4 per cent between 2012-14, according Euromonitor, and by about 0.5 per cent from 2013 to 2014.
It’s a population