Innovatin Enterprise Network logo

€40 million research investment in pharma sector – Bruton, Sherlock

Jobs Minister Richard Bruton and Research & Innovation Minister Sean Sherlock today announced funding, through the Department of Jobs, Enterprise and Innovation, of €30 million to support world-class research at the Synthesis & Solid State Pharmaceutical Centre (SSPC) based at the University of Limerick.

This exchequer funding is leveraging a further investment of €10 million from industry partners, to the SSPC. The SSPC is dedicated to supporting the pharmaceutical industry in Ireland, which is responsible for over 60,000 Irish jobs and exports over €50 billion annually.

The SSPC is a unique collaboration between 17 companies, 8 academic institutions and will position Ireland as a global hub for pharmaceutical process innovation and advanced manufacturing.

Announcing the funding, Minister Bruton stated:

The importance of continued investment in excellent science to Ireland’s on-going and future economic development cannot be understated. Investments in science, like today’s commitment to the SSPC, are key to supporting dynamic Irish companies, attracting and developing multinational investment, and ultimately creating the jobs we need.

This commitment of €40million by Government and industry in establishing a research centre of international significance is a major investment in the future of research in Ireland.

Ireland is home to 8 out of the world’s top 10 pharmaceutical companies and 6 of the top 10 blockbuster drugs are manufactured in the country.

Minister for Finance, Michael Noonan welcomed the announcement commenting:

The pharmaceutical sector is one of the largest and most successful industries in Ireland responsible for over €50billion in exports annually. The continued commitment by this government to supporting world-class research, like that undertaken at SSPC, will drive growth and bring stability to Ireland’s economy. Funding science at this level positions Ireland at the forefront of research and development at an international level but also brings benefits back to the local economy.

Read the full press release here.