The Irish pharmaceutical industry remained silent yesterday after Donald Trump accused Ireland of stealing American tax and jobs.
Experts claim that US pharmaceutical companies are more likely to now shift profits back to the US than Ireland-based manufacturing plants.
Impact of Trump's Criticism on Ireland Pharmaceutical Companies
Ireland has some of the biggest pharmaceutical companies in operation, directly employing 50,000 people and promoting the country’s trade surplus.
In a meeting with Taoiseach Micheál Martin this week, Trump said: “Ireland has our pharmaceutical companies.” Irish ministers have said Ireland is vulnerable.
Simon Harris, the then Taoiseach, warned it could lose €10bn in corporate tax if just three US multinationals were repatriated to the US.
The Economic Consequences for Ireland Pharmaceutical Companies
Around €50bn worth of medicines are exported across the world from Ireland annually.
