The first press conference of President Elect Donal Trump could put the IDA and its strategy for FDI investment from the Pharmaceutical and Bio-Tech sector in a tight spot .
Trump in his usual blunt fashion said that Pharmaceutical companies were ” getting away with murder ” with drug pricing and promised to change this in his first 100 days in office .
More worryingly for Ireland was his emphasis on bringing back home to the USA Pharmaceutical companies and their 1000s of jobs .
At his colourful press conference Trump went onto say that he would like to be known as the greatest job creator that God had ever created and that he was considering a measure to introduce a border tax to discourage companies from moving their factories overseas .
Currently Ireland is one of the leading locations for the Pharmaceutical industry in Europe and is regarded as a world player in Pharmaceutical production .
Around 120 overseas Pharmaceutical companies have plants in Ireland including 9 of the 10 largest companies in the world .
Ireland is now the largest net exporter of Pharmaceuticals in the EU accounting for over 50% of all exports from the country .
The Government represented by the IDA has had a huge success in attracting this investment into Ireland which has resulted in 1000s of high skilled and highly paid jobs .
While it is highly unlikely that these jobs are a risk, the key issue for the IDA is that it will be less likely that these US companies will expand as Trump has promised that he will reduce the corporate tax rate in the USA as a Carrot to ensure that any new investment and jobs remain in the USA ,yesterday he produced the stick with his promise to introduce a border tax .
It maybe time for the IDA to start looking East in terms of the next generation of Pharmaceutical FDI.
