\"Botox

Botox is a big earner for the Irish economy Photo by: Google Images

Botox maker to make new $350 million investment in Ireland’s economy

\"Botox

Botox is a big earner for the Irish economy Photo by: Google Images

In some good news for the struggling Irish economy, US medical device maker Allergan will be investing $350 million in order to expand its facilities for the manufacturing of Botox in the west of Ireland.

The investment will help create nearly 200 jobs for construction of the new facilities and will boost Allergan’s total Irish workforce number to 1,100.

Irish Prime Minister Enda Kenny described the expansion plans as a “fantastic vote of confidence” by the company, not alone in Mayo and Westport, but in Ireland.”

Reuters reports that new uses for the Botox drug, including migraine relief and overactive bladder relief, will send the drug into the “next frontier.”

“We anticipate that demand for Botox will continue to grow, fuelled by recent approvals of the product," said Pat O'Donnell, managing director of Allergan Pharmaceuticals Ireland.
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The new construction of facilities is expected to generate 200 jobs for builders and suppliers, Reuters reported. The good news comes just shortly after a survey by the Irish League of Credit Unions, who reported dismal findings about the Irish public’s attitude toward 2012 financially.

Reuters goes on to say that the Irish economy relies heavily on export-led growth for the future. Ireland has become a hub for multinational companies that are attracted by its low corporate tax rate and an educated, English-speaking workforce.

8 of the 10 world’s largest drugs companies already have established bases in Ireland, and US companies account for over a quarter of Irish economic output annually.

“Ireland's investment authority had a record year in 2011 attracting 148 investments and creating 13,000 jobs,” said Reuters.

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