Industry revenue of »dispensing chemist in specialised stores« in Ireland 2011-2023

Over the past decade, the Irish pharmaceutical sector has witnessed a lot of changes in the form of technological advancements and availability of state of the art equipment. Additionally, leading international pharmaceutical companies such as Roche, Pfizer, Sanofi, Johnson & Johnson and Bayer, to name a few, have launched their operations in the country, owing to the low corporate tax rates, which has boosted the research, development and manufacturing of new medicines. This has led to Ireland being an important market for pharmaceutical exports in the EU, having exported goods worth over 21 billion U.S. dollars in 2018. Belgium, followed by Germany, the UK, the Netherlands and Italy are the leading destinations. In fact, the country now has a large positive trade surplus, as the exports are nearly three-fold greater than imports.

Exports down 14 percent in February due to Covid-19 outbreak

The year started off on a positive note for the Irish pharmaceutical industry as exports were up 16 percent year-over-year in January 2020. However, the short to medium term does not augur well for the industry, as the outbreak of the corona virus has thrown all research, production and supply chain activity off gear. Medicine exports have already dropped 14 percent year-over-year as of February 2020, whilst organic chemicals exports are down 19 percent. The industry may suffer heavy losses if operations are not resumed latest by May.

Industry revenue of »dispensing chemist in specialised stores« in Ireland from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Ireland. The industry “dispensing chemist in specialised stores“ has the code “G4773“.

Details on the methodology can be found here.

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