Ireland’s investment agency IDA has urged the government to improve national infrastructure, encourage innovation and attract more highly skilled workers.
According to IDA Ireland, the state agency responsible for attracting inward foreign direct investment (FDI) into Ireland, international companies now directly employ more than 300,000 people here.
One-third of those jobs are linked to pharmaceuticals and medical technology, the so-called life sciences sector.
With scientific advances, increasing use of artificial intelligence and moves towards more personalised medicines, the sector has the potential to boom.
But will that growth come Ireland’s way?
The government has promised to develop a new “national life sciences strategy”, but Ireland faces stiff competition from other European countries.
“To realise our future ambition for FDI and indeed in the life sciences sector, we need to ensure that national and EU operation environment is one in which companies can scale, can innovate and can succeed”, said the IDA’s chief exec, Michael Lohan.
He’s been speaking at an event organised by the Institute of International and European Affairs on what Ireland can learn from our neighbours.
Whilst other European countries are competitors, most of them are also fellow members of the European Union.
“Our success, our challenges and our futures are absolutely intertwined with that of the EU, said Michael Lohan.
EU developments in innovation, decarbonisation, competitiveness and increased security and resilience are all issues Ireland is watching closely, he added.
Ireland is home to nine of the world’s top 10 pharmaceutical companies, but keeping the industry here and flourishing is constant work.
We need to “address our cost competitiveness, to ensure an efficient planning process, to build infrastructure and capability, which includes water, wastewater etc, to enhance our national talent and an innovation ecosystem”, Michael Lohan said.
At a European level, there’s also work to be done.
Last week the European Commission presented its “Competitiveness Compass” designed to trigger a new focus on punching its weight in the world.
“Europe has many economic strengths, but must act now to regain its competitiveness and secure its prosperity”, it stated.
The strategy has been welcomed by the IDA, but the agency is waiting to see what it means in practice.
“We have very smart people with great ideas, but they have to get more access to the single market to scale up and more access to capital”, said European Commission President von der Leyen on a visit to Poland this afternoon.