Foreign direct investment (FDI) delivers significant economic and social benefit to Ireland
Over 300,000 now employed across 1,800 MNCs which is 12% of the total Irish labour force
One third of these are employed across 250 IDA-supported companies in the life sciences sector
IDA Ireland today hosted an event marking the significant and substantial contribution of multinational companies to Ireland’s economy with a particular emphasis on the life sciences sector. Similar recognition has previously been paid to Ireland’s thriving technology sector at IDA Ireland events that acknowledged contributions made by Google and Apple.
Life sciences in Ireland employs circa 100,000 people across 250 IDA Ireland supported medical technology and biopharmaceutical companies throughout the country. Today’s event recognised this and sought to demonstrate the importance and longevity of FDI investments, particularly from those within the life sciences sector, in delivering economic and social benefit to the country.
The event, entitled “Celebrating Ireland’s Life Sciences Ecosystem: Innovation, Sustainability and Global Partnerships”, brought together over 500 attendees at Dublin’s National Concert Hall where Taoiseach Leo Varadkar spoke in recognition of the impact foreign direct investment (FDI) has had on Ireland.
Special recognition was given to US pharmaceutical company Pfizer, with global Chairman and CEO Albert Bourla receiving an award from the Taoiseach Leo Varadkar, to mark the company’s presence in Ireland for more than 50 years and its commitment to continued investment here.
Pfizer employs over 5,000 people across counties Dublin, Kildare and Cork in manufacturing, shared services, R&D, treasury and commercial operations. Earlier this year, Pfizer announced plans to invest more than €1.2bn to build a new facility that will double the biological drug substance manufacturing capacity at its Grange Castle campus in Dublin. This expansion will also increase the manufacturing and laboratory capacity and new oligonucleotide technologies to the campus.
Taoiseach Leo Varadkar said, “There are almost 100,000 people in Ireland working in life sciences companies supported by lDA Ireland. In doing so, they help to make and market the medicines and medical devices that improve and save the lives of millions of people around the world. The taxes paid by the companies they work for enable us to invest in housing, schools and other public services. We are determined to stay competitive and protect the large Life Sciences sector located in Ireland, and attract even more investment and quality jobs.”
Michael Lohan, CEO at IDA Ireland said, “Companies supported by IDA Ireland employ over 300,000 people, a third of which are in the life sciences sector. Pfizer is a real example of a life sciences multinational whose strategic decision to locate in Ireland and to build partnerships here has driven its global growth. Pfizer’s enduring commitment to Ireland is testament to the value we offer companies seeking to increase competitiveness through access to state-of-the-art manufacturing facilities, worldclass talent, research and innovation.”
Albert Bourla, Pfizer Global Chairman & CEO said, “Having operated in Ireland for more than 50 years, Pfizer has enjoyed a valued partnership with the country as we have built out our manufacturing, research and innovation capabilities for the benefit of patients. On a personal level, I am really pleased to receive this award from An Taoiseach Leo Varadkar and the IDA and want to acknowledge the work of our purpose-driven colleagues here in Ireland. Next year marks our 55th year in Ireland and our commitment to the country remains steadfast. We look forward to seeing the completion of our recent investments which will ensure Pfizer is ready to manufacture the next wave of medical innovations.”