Dáil Éireann Debate, Wednesday - 13 July 2022
71. Deputy Colm Burke asked the Tánaiste and Minister for Enterprise, Trade and Employment his views on whether Europe has been losing ground to the United States and Asia, for biopharmaceutical research and manufacturing investments; and if he will make a statement on the matter. [38310/22]
View answerMy Department’s agency IDA Ireland last week reported record results for 2021, securing 249 investments, of which 104 were new name investors. The level of total direct employment in IDA client companies grew by 7% in 2021, to 275,384. Over half of all projects went to regional locations.
When we look at the base of FDI Biopharma companies established here, we can see that this sector has experienced great success in recent decades, with many largescale life sciences investments being made. Ireland’s Biopharma sector has a substantial economic impact and is a significant contributor to Ireland’s exports, and accounts for a substantial amount of Ireland’s corporation tax. Nine of the of the top 10 global Biopharma companies have significant manufacturing operations within Ireland. The combined Biopharma and MedTech cluster in Ireland provides direct employment to over 80,000 people.
The sector is thriving, and IDA’s Biopharma clients have continued to expand, with 14 Biopharma clients announcing significant expansions in Ireland over the last twelve months. In the wake of the COVID-19 pandemic, many companies are reviewing their supply chains to ensure that their global manufacturing is evenly distributed globally, and Ireland is well placed to benefit from this development.
Ireland continues to be an attractive location for foreign direct investment, despite COVID-19 and a downturn in global FDI. IDA is adapting its responses to changes in global economic circumstances and it continues to secure high levels of FDI investment in a very competitive market. Nevertheless, we must remain alert to any competitiveness issues that may risk constraining our capacity for future success.
