LONDON, Jan. 9, 2017 /PRNewswire/ -- A significant increase in Ireland's 2017 health budget will support the increasing demand for medical treatment. However, cost control measures targeting pharmaceutical spending and the relatively small drug market will continue to tarnish Ireland's market appeal to drugmakers. Meanwhile, active support from the Irish government, a skilled workforce and the well-developed export base will ensure that pharmaceutical investment in R&D and manufacturing capacity in Ireland remain robust in the years ahead.
Headline Expenditure Projections
- Pharmaceuticals: EUR2.32bn (USD2.57bn) in 2015 to EUR2.28bn (USD2.44bn) in 2016; -1.8% in local currency terms and -5.3% in US dollar terms. Forecast in line in local currency terms and revised downwards in US dollar terms from last quarter.
- Healthcare: EUR15.09bn (USD16.73bn) in 2015 to EUR15.49bn (USD16.57bn) in 2016; +2.7% in local currency terms and -1.0% in US dollar terms. Forecast in line in local currency terms and revised downwards in US dollar terms from last quarter. In Q117, we have revised upwards Ireland's Risk Reward Index (RRI) score to 63.0 from 61.0 previously (out of 100). The score revision was driven by higher Industry Rewards indices. Ireland shifted up one ranking position to 13th out of 15 countries in Western Europe in terms of market attractiveness to pharmaceutical investors. Ireland's score is driven by high spending per capita on medicine and low industry and country risks but is dragged down by a small market size as well as the effects of cost control measures targeting pharmaceutical and health spending.
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