The private sector could invest up to €3 billion in the healthcare sector in Ireland over the next five years, a conference organised by the pharmaceutical industry heard yesterday.
Dr Ian Hunter, healthcare industry analyst with Goodbody Stockbrokers, told the conference that funding the increasing costs of healthcare as populations aged and lifespans increased was a global problem and one likely to see a growth in investment from the private sector. Dr Hunter said he expected private sector investment to reach €3 billion over the next five years. He said healthcare was ideally positioned for private investment as there were two essential catalysts in place.
There was a public willing to pay - "uniquely 45 per cent of Irish people have paid for healthcare insurance" - and Government policy supported the care of lower income groups within a private healthcare system.
President of the Irish Pharmaceutical Healthcare Association Conn Clissman told the conference the future for Irish industry lay in the development of new medicines. However, he warned that, while Ireland was now the world's biggest net pharmaceutical exporter, that "we're in danger of taking this for granted just because we've become so used to the extraordinary capability we have managed to create here.
"Government policies in relation to the pharmaceutical sector in Europe, have however, led to a dwindling number of new medicines being developed, with the R&D emphasis switching to the US over the last 10 years, and the number of new medicines under development dropping significantly," he said.
