Life Sciences Industry Facts and Figures
In terms of exporting for 2012, the largest single commodity group is medical and pharmaceutical products, which at over €24 billion represents 26.2% of the total value of Irish exports. This is down on the 2011 when this commodity group represented 29% by value of all exports with a total value of €26.4 billion.
Due to the intense investment in the Life Sciences Industry and the success in creating the economy to attract foreign investment Ireland currently home to 15 of the top 20 medical technology companies in the world and nine of the top ten global pharmaceutical companies are located in Ireland. , in Ireland are currently produced seven out of ten pharmaceutical blockbusters.
The results of that are that the Life Sciences sector employs over 52,000 people spread in 350 enterprises. Studies state that ‘for every 100 jobs created in Life Sciences manufacturing, an additional 137 supporting services jobs are created in the pharmaceuticals sector and an estimated 62 jobs in the medical devices sector.’
Brief History of the Life Sciences Industry in Ireland
Globally the sector has been expanding by 7% per annum since the turn of the decade. By comparison exports of Life Sciences products from Ireland have more than doubled in the same time frame and now account for 9% of global sales. Ireland’s own life science industry has been growing at a rate of 6.3% since the beginning of the decade. Pharmaceuticals alone are providing a large percentage of the exports from Ireland. Even with the slight decrease in overall exports in the last 2 years, we can still see that pharmaceuticals are on the rise despite the current economic climate.
Projected Outcome of the Life Sciences Industry in Ireland
To continually increase our global share in this industry, companies need to capture new opportunities and need to be more than innovative to achieve this. Companies need to use “the many competitive levers of price, cost, quality, speed and flexibility” to gain more of a market share in the global industry. Since Ireland has strategically placed itself on the global market for life science exports, and has also received more direct foreign investment in the last few years than any other European country, we have the potential to keep increasing our exports as long as we retain our reputation and continue to receive investment into the country.
Overview of Life Sciences Industry in Ireland
Ireland is one of the leading international locations for the Life Science industry. The industry, which spans pharmaceuticals, chemicals, diagnostics, medical devices and biotechnology, is extremely important to the Ireland’s economy and its future growth.
Let’s have a look why:
Exports:
- Life Sciences Exports reached €56.8 billion in 2010
- 63.55% of Total merchandise Exports
- 8.5% of global Life Sciences sales (2008)
Companies:
- Home to 15 of the top 20 medical technology companies in the world
- Home to 9 out of 10 top ten global pharmaceutical companies in the world
- Producing 7 out of 10 pharmaceutical most popular products
Curiosities:
- IRELAND EXPORTS ENOUGH BOTOX TO KEEP MILLIONS OF EUROPEANS SMILING ALL YEAR LONG
- IRELAND EXPORTS MORE THAN 1 MILLION HEART STENTS EVERY YEAR
Source: Irish Exporters Association (IEA) website / Copy Date: 8-4-14