2015 Global Life Sciences Outlook
Adapting in an era of transformation
Top life sciences sector issues for 2015
While globally the life sciences sector is operating in an era of significant transformation, we understand that Ireland also faces a number of key challenges including – increased pressure by governments to cut costs, an ageing population and an increase in chronic disease.
Yet each of these challenges also presents an opportunity for companies nimble enough to satisfy the required increased demand for health-related goods and services.
Ireland is among the global leaders in the life sciences industry, following continued investment over many years and the industry contributes substantially to our nation’s economy, to the Irish Government’s coffers and to creating long-term, well-paid employment.
In addition, the ecosystem within which Ireland’s life sciences companies are operating offers a number of attractive characteristics, including:
1.Ireland has developed a closely knit ecosystem within in the Life Sciences industry
The close-knit community drives collaboration, networking and sharing of opportunities and is supported by government agencies. This integrated industry is integral to Ireland’s success in encouraging an increasing number of companies operating in the Life Sciences space to expand operations in Ireland. This is an area which requires further focus and attention in an Irish context going forward, particularly to enhance collaboration with clinicians, the health system and further strengthen ties with universities. This is critical to allow Ireland compete with other locations which are equally focused on life sciences as a strategic growth industry for the future.
2.Ireland’s low corporate tax rate
The Irish corporate tax rate of 12.5 per cent helps lower costs for companies operating here and also helps enable them to meet the demands of governments to provide more value for less cost.
3.A favourable research and development (R&D) regime
The recent changes to the R&D regime in Ireland will benefit more companies than before, and will help companies drive down costs, whilst improving cash flow by way of refundable tax credits in cases where relief available exceeds the corporation tax liability for the year. To learn more about how Ireland’s R&D regime can play an important role in the life sciences industry, please click here.
4.A young – and growing – workforce who are also highly educated and skilled.
The Deloitte Ireland Life Sciences team is dedicated to helping our global and indigenous clients to meet the challenges and harness the opportunities that are shaping today’s life sciences and healthcare industries. Find out how we can work with you to seize these opportunities and manage the challenges of the future.
For more information on global trends download our Global Life Sciences Outlook 2015: adapting in an era of transformation