As layoffs cut across Ireland’s tech companies, the country’s booming pharma and medical technology sector is eyeing talent released from firms such as Google and Meta Platforms Inc. as part of a broader push to accelerate its own plans for digitization.
(Bloomberg) — As layoffs cut across Ireland’s tech companies, the country’s booming pharma and medical technology sector is eyeing talent released from firms such as Google and Meta Platforms Inc. as part of a broader push to accelerate its own plans for digitization.
For these life science firms, “the tech downturn is definitely an opportunity,” said Gareth Fleming, managing director at the employment agency Brightwater Recruitment. A quarter of laid-off candidates who registered with the Brightwater in the last three months are interviewing with life science outfits for new roles, he said.
The life sciences sector, which includes chemicals and medical devices companies, currently employs at about 16% of all workers under the remit of state agency companies in Ireland, with hiring increasing 19% since the onset of the pandemic, according to the Department of Enterprise.
Ireland became fertile ground for these companies in the late 20th century, after the government rolled out incentives to attract foreign investment. Multinationals such as Pfizer Inc, Takeda, Sanofi and Johnson & Johnson have significant operations in the country, and 14 of the world’s top 15 medical technology companies have Irish outposts. Collectively, medtech and biopharma companies within Ireland’s Industrial Development Agency network employ more than 70,000 people, and pharma products are responsible for 39% of Ireland’s total exports.
The country “has evolved into a global hub for biopharmaceutical manufacture,” said Rory Mullen, Head of BioPharma and Food at IDA Ireland, the nation’s regulatory agency.
Investment has also been growing, with roughly €1 billion to €2 billion pumped into the biopharma sector annually, according to Matt Moran, director of BioPharmaChem Ireland. Just this year, Eli Lilly, Dexcom and AstraZeneca Plc announced plans to build multi-million-dollar manufacturing facilities in the country. On Friday Boston Scientific Corp announced investment plans for its site in Tipperary, creating more than 400 jobs.
Ireland is “an ideal place to operate,” AstraZeneca executive vice president Pam Cheng said in an interview with Bloomberg TV in April.
Foreign investment has surged in recent years and is expected to reach €24 billion this year — which could endanger public finances if the inflow were to diminish. According to government estimates, as much as half of the corporate tax Ireland could collect in 2023 may come from potentially unsustainable windfall receipts.
As Ireland enjoys almost full employment, biopharma firms have struggled in the past to attract talent, particularly on the tech side.
MSD, known as Merck & Co. Inc. in the US, has 3,000 employees in Ireland and is looking beyond people with traditional life sciences backgrounds as it seeks to digitize its manufacturing division, transformation lead Brian Killen said. Recruiting from big tech firms is an “active discussion,” he added.
The shift in talent to the life sciences could become even more pronounced in the coming months, when tenures in Big Tech firms are set to end following widespread layoffs.
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