Sunday November 1, 2020

Patent cliff could wipe €6.5bn off Ireland's GDP Government report warns of lost tax revenue

The so-called ''patent cliff'' on pharmaceutical drugs could knock as much as Euro 6.5 billion off Ireland's economic output over the next four years, according to a high-level government report.

Barry J Whyte

Chief Feature Writer

@whytebarry
8th December, 2013
MSD's pharmaceutical firm plant at Swords is to be closed by the end of 2017, resulting in the loss of 570 jobs. Picture: Photocall

The so-called ''patent cliff'' on pharmaceutical drugs could knock as much as €6.5 billion off Ireland's economic output over the next four years, according to a high-level government report.

A working paper prepared by the Department of Finance also predicts that corporation tax from the pharma industry will fall during the period as a result of declining profitability within the sector.

The working paper examines potential export declines as a result of the patent cliff,...

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