The profits made by parallel importers in Ireland have largely passed under the radar of Irish business journalists and those outside the pharmaceutical industry. But not so in Europe where the newswire Bloomberg recently posted a compelling article detailing the extent of the practice. It features the intriguing story of Andreas Mohringer, the Austrian entrepreneur who started out importing and exporting cough medicine before building up to annual sales of €410 million and buying himself a priceless 1953 vintage Ferrari convertible.
Industry issues UK jobs warning as medicines pricing debate begins
One wonders what Dr James Reilly and HSE/DoH colleagues will make of a recent Reuters article on UK medicines pricing? The story, which is also carried in the Daily Telegraph, reports a warning by the British pharmaceutical industry that drug manufacturing could leave the UK if attitudes to pricing become unsympathetic. Of course no country is more reliant on its medicines manufacturing sector than recession-embattled Ireland. With discussions between IPHA and the DoH on new pricing mechanisms seemingly in Mexican stand-off mode, and a long line of drugs awaiting GMS reimbursement, will Irish industry leaders consider a similar strategy?