IRELAND

Investing Innovating Inspiring

Out of 161 countries surveyed, The Heritage Foundation in Washington, D.C. ranked Ireland third on its Index for Economic Freedom and first in Europe. This follows the Economist Intelligence Unit in 2005 placing Ireland first out of 111 countries for their Quality of Life Index. In 2004, Ireland led the Harvard Business Online Global Creative-Class Index and also that year, AT Kearney’s Offshore Location Attractiveness Index ranked Ireland fourth in the world for people and skills, and third for business environment.

Ireland has one of the world’s lowest rates of corporation tax with the maximum rate for trading profits being 12.5 percent. Economic incentives for intellectual property (IP) which is developed and licensed from the country include a patent royalty exemption, stamp duty exemption, and a research and development tax credit. Output from the third level institutions is being continually refined to meet the sector’s needs. Further, the considerable growth in the Irish economy over the last 10 years has seen very significant repatriation of skilled people. In addition, Ireland is seen as a desirable expatriate location with a minimum of bureaucratic obstacles and an excellent educational system that facilitates family relocation. The free movement of labour within the enlarged European  Union has facilitated the swift acquisition of a further pool of skilled people.

Ireland's Formula for Success

•  Pioneering biotech companies
•  Entrepreneurial Focus
•  Critical Mass of Biopharma, pharma, medical technologies and engineering and support companies
•  International Collaborations and Networks
•  Top Quality scientists, institutions and research programmes
•  Innovative technologies
•  Established technology transfer system
•  Industry Association representing the biotech sector
•  Specialist Venture capital companies
•  Government commitment to grow the biotech sector
•  Access to the European Market

Ireland has over 170 companies employing 35,000 people in the pharmaceutical, biopharmaceutical, medical device, and diagnostic sectors. Add to this mix a large-scale government investment in research and an increase in entrepreneurial and venture capital activity, and one can easily see why Ireland is developing as a world-class cluster in life sciences, and particularly in biotechnology.

Multi-facility companies such as Abbott Laboratories; Gilead Sciences, Centocor, Allergan, Boston Scientific Corporation; Essilor; Johnson & Johnson; and Wyeth Biopharma chose Ireland as the location from which to service their worldwide markets, with 25 separate Irish manufacturing facilities among these 7 companies alone.

Major research investment in biotech has taken place in recent years. Funding from the Higher Education Authority (HEA), Science Foundation Ireland (SFI), Health Research Board, and Enterprise Ireland means that a research ecosystem has been established with a strong base in the third level sector (universities and technology institutes). Nearly €300 million has been allocated to bioscience through the HEA's Program for Research in Third Level Institutions. Sixteen projects comprising national centers, institutes, networks, and research programs have been established. SFI has created a number of world-class research Centers of Science, Engineering, and Technology (CSETs). CSETs support research partnerships that link scientists and engineers with their industrial counterparts.

The Industrial Development Agency (IDA) Ireland has established the National Institute for Bioprocessing, Research and Training at a cost of €72 million to  provide critical research and training facilities for bioprocessing technologies, and is helping to demonstrate that Ireland is determined to be a leader in this industry.

Enterprise Ireland, the state agency responsible for the development of indigenous Irish industry, is active in funding applied research, which has a commercial output through its Commercialization Fund. Over 100 life sciences technologies are currently in the pipeline, with a number of these forming the basis for spinoff companies while others are being licensed to existing firms.   In 2006,  Enterprise Ireland announced a  €175 million investment in the Venture Capital sector which will leverage up to €1 billion investment in high potential companies.   Enterprise Ireland also funds bioincubation space for start-up companies and funds a number of industry led research programmes.

For more information on Ireland see: www.biotechnologyireland.com ; www.enterprise-ireland.com;  www.idaireland.com; www.sfi.ie

Ireland - Investing Innovating Inspiring  - Booth 1407  BIO 2007 Boston