Pharma
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The threat hanging over the Irish pharma sector is causing huge anxiety to small Irish suppliers to the big manufacturers here, a senior accountant has warned.
Moore Ireland managing partner Ned Murphy said pharma is “currently the most significant area of exposure we’re observing, and it’s generating a great deal of anxiety within the SME sector”.
“Many of our SME clients are closely tied to global supply chains through the specialised services and products they provide to larger international firms. When trade tensions escalate the ripple effects are felt well beyond the multinationals themselves.”
A recent Cork Chamber of Commerce survey highlighted growing unease, with 80pc of businesses concerned about the impact of global uncertainty on trade, he said.
But many small firms were taking proactive steps, he said.
“We’re seeing increased efforts to stress-test financial models and build greater resilience into their operations.”
Businesses were also seeing new opportunities, with some pharma firms “exploring… relocating manufacturing to Ireland, allowing them to benefit from lower tariffs when exporting to the US, especially compared to hubs in the Far East”, said Murphy.
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