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Good news for Ireland as Pfizer invests $15.3m

New R&D facility will boost employment in Cork

KELLY FINCHAM

IrishCentral.Com Editor

Published Friday, July 10, 2009, 4:12 PM

Updated Thursday, July 23, 2009, 5:29 PM

Read more: Pfizer Inc.

Pfizer plant in Ireland

Pfizer is upping its stake in Ireland with a $15.3m investment in a new R&D facility at its plant in Ringaskiddy in County Cork.

The move is a huge boost for Cork where about 550 people are still employed by the pharma giant after Pfizer sold off or shuttered three other production centers.

Ringaskiddy is a major center for active pharmaceutical ingredient (API) manufacturing for Pfizer, which set up a $300m plant there in 2001 to make the actives for Viagra (sildenafil), Lipitor (atorvastatin), Norvasc (amlodipine) and several other products.

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Irish business was so strong during the 1990s that this period of rapid economic growth became known by the term Celtic Tiger. This period continued into the next century, slowing in 2001 before picking up again and finally slowing down in 2007. The provision of subsidies and investment capital by Irish state organizations encouraged major American tech firms like Microsoft, Intel and Dell to set up shop in Ireland. After 9/11, the Celtic Tiger slowed, but regained steam in 2003, ushering in a period some called Celtic Tiger 2. Dell had its major European manufacturing plant in Limerick. Irish business produced 25% of all European PCs. Google opened an office in Dublin. A new state body, Science Foundation Ireland, was created to help new science companies share in the Irish business boom. The building of the International Financial Services Centre in Dublin led to the creation of 14,000 jobs in the Irish business sectors of accounting, legal and financial management. The Irish business boom transformed one of Europe’s poorer countries into one of its wealthiest. Some of the causes of the Celtic Tiger are believed to be state-driven economic development, social partnership between employers, government and unions, more women in the workforce and a low tax rate for corporations, all of which had a positive effect on Irish business. The time zone difference between Ireland and the United States also helped Irish business, since Irish employees could start their work day while U.S. workers were still asleep. Unemployment had been 18% before the Celtic Tiger. By the end of the Irish business boom, unemployment was down to 3.5%. The success of Irish business created wealth that resulted in large investments in modernizing Irish infrastructure and cities.

Good news for Ireland as Pfizer invests $15.3m

New R&D facility will boost employment in Cork

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