Pfizer announces $130m investment in Irish plants
Published 11/07/2013 | 09:41
Pfizer’s manufacturing plants Cork and Dublin can look forward to a significant overhaul as the pharmaceutical firm announces $130m investment at the two sites.
The Grange Castle plant is set to receive $100m of investment funds and 250 construction jobs are expected to be created at the Dublin site. Meanwhile, $30m will be pumped into the Ringaskiddy factory.
Supported by IDA Ireland, the investments should enable further development and production of new medicines at Pfizer. A number of the firm’s blockbuster drugs, including Lipitor and Viagra, have recently come off patent.
Revenue-making drugs that have fallen off the patent cliff have proven a large problem for the general pharmaceutical industry of late. A cost reduction measure from Pfizer as a result of this environment led to 177 job cuts at its Cork site last month.
This latest announcement from Pfizer is, therefore, a success story for the company and will be welcome news for the Irish workforce.
The pharmaceutical giant currently employs roughly 3,200 over its six sites established across the country.
Richard Bruton, Jobs Minister, said the investment was the right step in allowing Pfizer to grow its business in Ireland.
"I am determined to ensure that we build on such success and provide the opportunities for further growth in this sector and create the jobs we so badly need," he said.
Dr Paul Duffy, vice-president of Pfizer, said: "There is opportunity for Pfizer's Irish sites to attract the development of new medicines, while also continuing to manufacture existing, important medicines."