Ireland Faces 19 BN Decline in Drug Exports

[DCon]

Generic Lipitor is out the door

PARSIPPANY, N.J., Nov. 30, 2011 /PRNewswire/ --*Watson Pharmaceuticals, Inc. (NYSE: WPI) today confirmed that Watson Pharmaceuticals, Inc., has launched an authorized generic version of LIPITOR® (atorvastatin calcium tablets) as part of an exclusive agreement with Pfizer Inc.* Watson began shipping the product today.* LIPITOR® is indicated as an adjunct to diet to reduce elevated total cholesterol, LDL, triglycerides and to increase HDL cholesterol.
Under the terms of the exclusive supply and distribution agreement, Pfizer manufactures and supplies Watson with all dosage strengths of the authorized generic product. Watson markets and distributes the product in the United States. Pfizer will receive a share of the net sales from Watson's sales of the product. The agreement runs until November 30, 2016. Other terms of the agreement have not been disclosed.
For the most recent twelve months ending September 30, 2011, LIPITOR® had sales of approximately $7.8 billion, according to IMS Health data.

http://www.multivu.com/mnr/53424-wat...eneric-lipitor

[DCon]

I watched a bit of the English Parliament today and Cameron was saying that they have introduced a 10% corporation tax for pharmaceutical R&D.

It seems to apply to patents

The government has published draft legislation for a lower corporation tax rate on profits that can be attributed to patents.
The ‘patent box’ tax scheme will allow companies to apply a 10% corporation tax rate on profits that stem from patents. It hopes to encourage pharmaceutical, manufacturing and defence businesses to do more research and development in the UK rather than abroad, creating jobs and boosting economic growth.

The Treasury said that most responses to its June 2011 consultation on a patent box welcomed the proposal, saying that it would improve the competitiveness of the UK corporate tax system for patent income and that it would encourage firms to invest in the UK rather than developing patents offshore.

http://www.accountingweb.co.uk/artic...verview/522022

[PaddyJoe]

As predicted further up the thread the arrival of generics is already beginning to have an impact on Irish export figures. This looks like the Lipitor effect.

From a November high of €8.25 billion, seasonally adjusted exports decreased by 9% to €7.5billion in December. Imports increased by 8% to €4.02 billion resulting in a drop in the seasonally adjusted trade surplus of over €1 billion or 23%.
http://www.businessandfinance.ie/cat...sp?itemID=4301

According to the figures a substantial part of the decline in value of exports was due to a high value product in the chemical sector coming off patent in December.

[DCon]

A generic company with operations in Ireland is expanding. Some benefit, I guess

DUBLIN and PITTSBURGH, April 18, 2012 /PRNewswire via COMTEX/ -- Irish Prime Minister Enda Kenny, Mylan Inc
and the Irish Development Authority (IDA) today announced an important investment initiative to expand Mylan's operations in Dublin and Galway. Through Mylan's annual investment of up to 76 million euro ($100 million) over the next five years, including funding for expanded research and development (R&D) capabilities, and support from the Irish government through IDA, Mylan will add more than 500 new positions to its Ireland-based workforce by 2016. Mylan currently is the largest generics pharmaceutical manufacturer in Ireland and one of the world's leading pharmaceutical companies. The IDA is the Irish agency responsible for attracting foreign direct investment to the country.

http://www.marketwatch.com/story/myl...and-2012-04-18

[fluffybiscuits]

A generic company with operations in Ireland is expanding. Some benefit, I guess



http://www.marketwatch.com/story/myl...and-2012-04-18

Its great news for the local economy. 50k people employed in the life sciences industry...

[DCon]

Its great news for the local economy. 50k people employed in the life sciences industry...

definitely great news for the people involved.

[DCon]

Pfizer's quarterly profit fell 19%

Pfizer has reported first-quarter profit fell 19% after revenue from cholesterol pill Lipitor declined because of generic competition.

The company trimmed its 2012 forecast after the sale of a unit.

Net profit dropped to $1.79bn (€1.35bn), or 24 cents (18c) a share, from a year earlier, Pfizer said yesterday. Earnings excluding one-time items beat by 2c the 56c average of 19 analysts estimates compiled by Bloomberg.

http://www.irishexaminer.com/busines...#ixzz1tihnfqZu

[People Korps]

There has been a reduction in drug imports too since the collapse of the economy and the native grow houses are being picked off by the heat seeking choppers and sat imaging

[Kev Bar]

Think the Gardai with heat seeking hellies is a fiction they are spinning to paranoid stoners.

[Kev Bar]

Either the neighbours are watching apocalypse now or I got that last post all wrong.

[People Korps]

Think the Gardai with heat seeking hellies is a fiction they are spinning to paranoid stoners.

Thought is a fine thing fact is another thing entirely

As well as the manned searches, the garda helicopter with its heat seeking equipment was dispatched after an Irish Rail driver reported running over someone who he saw

http://www.drogheda-independent.ie/n...s-1425110.html


and

The helicopter was deployed, but despite its hi-tech heat-seeking equipment, gardai could find no trace of the burglar

http://www.herald.ie/news/jcb-thief-...e-2565953.html

[Kev Bar]

I don't dispute they exist.
They are a feature of 1st world countries.
But here in Mother Ireland, I would lay money their efficacy lies more in reputation than in act.

The helicopter was deployed, but despite its hi-tech heat-seeking equipment, gardai could find no trace of the burglar

[DCon]

Pfizer is cutting some jobs, and blaming the Lipitor patent expiry

Pfizer is to let 180 workers go at its two Cork plants in Little Island and Ringaskiddy, with staff to be briefed on the job losses later this week.

The Irish Examiner understands that between 120 and 130 jobs will go at the Ringaskiddy plant and the remainder at Little Island, where the cholesterol reduction drug Lipitor is produced.

Lipitor came off patent in America in Nov 2011 and in Europe last month, resulting in fears among the Little Island workforce that the plant would be closed and production transferred to the Ringaskiddy facility.

Lipitor is the biggest selling medicine in the world, earning Pfizer $14bn (€11.2bn) a year.

The fallout from expiration of patent, and other medicines due to come off patent, is that the company is seeking to cut €80m from its Irish operations.

Job losses will be across the board. The pharmaceutical company currently employs more than 700 workers at both Cork plants, 500 in Ringaskiddy and 220 in Little Island.

News of the job losses comes following months of speculation about a major costs reduction programme by the pharmaceutical giant.

http://www.irishexaminer.com/ireland...bs-196341.html

[C. Flower]

Sad for people losing their jobs.

Pfizer has a Treasury operation at the IFSC. I doubt that that is affected.

[C. Flower]

On another thread, there's discussion of standardisation of Corporation Tax rates, as part of the proposed fiscal union.

Between drugs going off patent, and the tax issue, this very important part of the Irish economy and GDP is in a risky position.