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IDA-Ireland urges Indian pharma cos to invest there by taking advantage of low corporate tax of 12.5%
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Nandita Vijay, Bengaluru
April 30 , 2016
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Invest and Development Agency (IDA) of Ireland is wooing Indian pharma
companies and life-science start-ups to take advantage of Ireland's high
technology and low tax incentives to boost Indian companies' business
growth from this strategic global location.
With its 12.5 per
cent corporate tax, the lowest compared to 35 per cent of US and UK’s 25
per cent, Ireland is now attracting foreign direct investment (FDI).
Even
as government of India is driving its Make in India plan, IDA is making
its FDI pitch. “Indian companies are maturing and Ireland is ideal
location for drug manufacture and pharmacovigilance studies. There are
1,250 global companies invested here of which 120 are overseas
bio-pharma facilities. The life sciences sector alone provides 50,000
jobs in Ireland,” John, Conlon, executive vice president and director of
Asia- Pacific, IDA Ireland told Pharmabiz in an interaction.
“We
are keen on Greenfield investments from Indian pharma going by
Ireland’s fast track clearances for new projects and no FDA issues.
Indian companies will only stand to gain and have an easier access to US
and EU region. There is ample scope for life sciences start-ups to
capitalize on technology, tax and talent, he added.
Companies can
consider establishing centres for technology support, R&D and sales
in Ireland, said Conlon who is in India now talking to corporate
majors.
Ireland is the only English speaking country in the
Eurozone and provides an ideal hub for organisations seeking a European
base. Nine out of the top pharma majors have facilities here. In 2014,
the country was the 7th largest exporter of medicinal and pharma
products. Out of the total $200 billion exports, pharmaceuticals and
med-tech account for $80 billion earnings. Almost 30 per cent of the
exports are from the pharmaceutical sector generating revenues of $64
billion, he said.
There are over 75 pharmaceutical companies in
Ireland with 33 FDA approved plants. In fact, Ireland accounts for 33
per cent of the world’s contact lenses, 25 per cent of injectable
devices for diabetics, 75 per cent of knee joint implants, 50 per cent
of ventilators and 95 per cent of the Botox drug is produced here. This
indicates the importance of this country from a pharmaceutical,
lifesciences and medical device industry perspective to manufacture
difficult products, said the IDA-Ireland VP and director, Asia Pacific
region.
From finished formulations to bulk drugs,
bio-pharmaceuticals, generics and diagnostics, Ireland is home to global
names: Pfizer, Astellas, Leo Pharma, Allergan, Amgen, Mylan and Eli
Lily.
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