Trump's Big Pharma shots another cause for Irish concern

Nine of the world's 10 biggest pharmaceuticals have plants here...

US President-elect Donald Trump's accusation that Big Pharma is "getting away with murder" at his much-discussed press conference on Wednesday sent stocks in those companies spiralling downwards by $25 billion and his concerns with the industry could impact Ireland in the not-too-distant future.

While former presidential hopeful Bernie Sanders went as far as agreeing with the Republican, telling the Huffington Post that he himself had "been saying that for years" and blaming the industry on deaths caused because people "can't get the prescription drugs they need", people on this side of the Atlantic were likely concerned by Trump's plans for the pharma and medicare sector.

Having taken the motor industry to task with his protectionist stance of late, Trump confirmed his intentions to get drugs companies manufacturing in the US.

Trump said:

“We’ve got to get our drug industry back. Our drug industry has been disastrous. They’re leaving left and right. They supply our drugs, but they don’t make them here, to a large extent.”

He also reiterated his pledge to cut corporate taxes to facilitate an increase in activity.

Over 50,000 people are employed in the pharma and life sciences in Ireland, according to IDA Ireland, with US companies being the biggest employers.

Ireland is currently the EU's biggest net exporter of pharmaceuticals and the seventh biggest in the world. The industry exports €64bn worth of goods, accounting for a little over half the value of all our goods exports.