Tánaiste Leo Varadkar has said the closure of Sudocrem's Dublin manufacturing plant is 'devastating news' for its workers.
The antiseptic healing cream was developed in 1931 by Irish pharmacist Thomas Smith, and is now sold in more than 50 countries.
Sudocrem has been produced in the capital since the 1940s.
But its parent company, Israel-based Teva Pharmaceuticals, is to move production to Bulgaria by the end of 2022.
Teva acquired Sudocrem as part of a multimillion euro deal back in 2016.
Mr Varadkar said the move is crushing for the more than 100 workers.
"The decision by Teva today to close its Sudocrem manufacturing plant in Baldoyle is devasting [sic] news for the 110 employees affected and their families.
"I know this must be an incredibly worrying time, especially given everything that's happened over the past year.
"My thoughts are with them today."
However he said he welcomed the company's commitment to its other Irish operations.
"I welcome the company's commitment to maintain a strong presence in Ireland, including to its Waterford plant.
"I'm also glad to hear Teva say that they will do everything they can to support their employees.
"I want workers to know that the Government will also make all necessary State assistance available to them."
He added that Social Protection Minister Heather Humphreys is aware of the situation, and "we will work across Government, to help them find new employment, education and training opportunities as soon as possible."
The product recently made headlines when it was spotted in the background of a photo that singer Madonna posted on social media.