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IDA Ireland steps up efforts to attract investors with pro-business policies & attractive tax rate of 12.5%
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Nandita Vijay, Bengaluru
February 28 , 2023
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Indian lifesciences sector is looking at internationalizing their operations and therefore Investment and Development Agency (IDA) of Ireland sees it as the best fit to attract the potential players. Ireland is home to top ten pharma and 14 med-tech global majors.
There are visible investments, whether it is manufacture or services, research and innovation outside and Ireland has positioned itself to convey our strengths. Like for instance, technology and the ability to skill the qualified workforce of companies looking to upscale their operations in the European Union, Tanaz Buhariwala, director-India, IDA Ireland said.
Following Brexit, Ireland continues to be a core member of the EU single market and the Eurozone. It is a country which has positioned itself of strategic importance. This is one of the key reasons that companies choose Ireland as a location. From Ireland, Indian companies gain access to over 500 million EU consumers and the European labour force of over 250 million people, she added.
Ireland is looking at talent to create an ecosystem of capability which helps to foster innovation at the next level. India is a little behind on that but will catch up. Indian companies still lack the skill-sets that companies look for in the EU and Ireland where Indian pharma has its up its facilities for manufacture and research. For instance, there is a company working on stents and need to do clinical research on Caucasian population who are very differ from the Indian people. There is also a company working on ophthalmic products for dry eyes and ocular lens. They looking for technologies and processes which are in EU, so they could consider Ireland, Buhariwala told Pharmabiz.
We are keen to give India’s scientific pool a platform to move ahead in the EU market. From Ireland which is a part of EU, companies will have access to the talent force. Companies in lifesciences can be based out of Ireland and distribute their products anywhere in the 27 countries of the EU without additional paperwork among other challenges, said Buhariwala.
Specific to pharma, India is increasing its capability in active pharmaceutical ingredients. Here IDA Ireland will help to identify new markets. There is also a big interest to accelerate the pace of Connected Healthcare in India for digital therapeutics, and internet of medical things. There is considerable encouragement extended to the Indian IT sector to look pharma software development.
So long IDA Ireland has been assisting the large companies and now its focus is on the small and medium enterprises (SMEs). This is across Africa, China, Israel, South East Asia, New Zealand and Australia. India is one of the obvious stronger countries with companies that are keen to tap international market opportunities. The American companies have already taken this trajectory 70 years ago to manufacture in Ireland and moved up the value chain maximising the low cost of production, she said.
Today Ireland has the infrastructure, education and research institutes and a well- established cluster for pharmaceuticals and medical devices. To this end, Ireland’s attributes as an investment location for Indian companies is based on its foreign direct investment (FDI) track record, pro-business policies and an attractive tax rate of 12.5%. Being a core member of the Euro Zone, Indian pharma and medical devices are in discussions with companies in Ireland. There is no lull in the interest even as the global recession is evident, she said.
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