Full coverage: Pharmaceuticals

The potential of magic mushrooms to help people suffering from severe depression, PTSD and anorexia in a novel way has moved from low-key scientific studies to a point where regulatory approval may be on the horizon. Irish practitioners and businesses have entered this race, but many questions remain.

Through a HQ inversion, the US-listed medical manufacturer Covidien was liable to pay tax in Ireland but Revenue rejected hundreds of millions of dollars’ worth of expenses it had claimed as deductible.

Moderna claims its patented mRNA innovations have been breached by Pfizer, the US pharma giant with a big footstep in Ireland. It is one of several patent infringement suits lodged by the US biotechnology firm.

There is another multinational sector in Ireland, the one we tend to forget about. It is far less glitzy than the tech sector, but far more permanent, requiring as it does huge investments in plant, machinery, and specialised labour to make its products real.

When demand for rapid medical tests exploded during the pandemic, the US pharma giant routed this business through Ireland and Malta to achieve a four per cent tax rate. This expanded into a multi-billion-euro business last year.

The current tech rout comes after LinkedIn Ireland posted another set of healthy results, prompting its owner Microsoft to extract massive value from the company. Meanwhile, more aircraft lessors are suing their insurers over planes seized by Russia, while separate new High Court proceedings pit major state bodies against international partners.

The Irish subsidiary of Novartis, the global pharma giant, has initiated legal proceedings against Accord Healthcare, the generic drugmaker.

The global pharma company targeting rare diseases was acquired for $39 billion by AstraZeneca last year. Half of this value consisted in intellectual property located in Dublin, new documents show.

For years, the Irish-headquartered medical supplier Covidien outsourced core functions to the US without paying Vat on transactions including preparations for its acquisition by Medtronic. The company’s successful tax appeal is now going down the legal route.

With over 200 staff, the Co Cork pharmaceutical factory was among those sold off by Pfizer in 2020 to combine with Mylan and form Viatris. New information is available on its first year of trading within the new group.