The European Commission has proposed reducing the period of regulatory data protection from eight years to six years. This move has sparked debate within the pharmaceutical industry, with some, like Novo Nordisk CEO Lars Fruergaard Jørgensen, expressing concerns about the potential impact on Ireland's competitiveness as a hub for drug development and manufacturing.
Jørgensen highlighted the need for certainty regarding Ireland's commitment to the pharmaceutical sector, particularly in light of increasing global competition from regions like the US and China. He emphasized that Ireland's attractiveness as a business location relies heavily on its ability to remain a competitive and supportive environment for pharmaceutical companies. The European Commission's proposal comes at a time when Ireland is preparing for a new government programme, which will define national priorities for the next five years. Questions are being raised about whether Ireland will prioritize its position as a key player in the global pharmaceutical industry and ensure the necessary regulatory and investment frameworks are in place to support its continued growth