Eli Lilly expansion go-ahead could end investment paralysis caused by US president Donald Trump’s ‘America First’ agenda.
US pharmaceuticals giant Eli Lilly is to proceed with a planned €200m expansion of its manufacturing site in Kinsale.
According to the Irish Independent, senior management staff in Ireland were told in recent days that the project had been given the green light.
The project has the potential to create hundreds of new jobs in addition to the 500 people already employed by the company in Kinsale.
Trumping US protectionist policies
It is believed that a number of planned investments by US pharma and life sciences players based in Ireland were stalled by the fear and confusion caused by US president Donald Trump’s ‘America First’ policy.
The Eli Lilly investment is seen as a vital post-Brexit win for IDA Ireland, which is facing competition from Switzerland and Luxembourg, as well as key financial hubs such as Brussels and Frankfurt, for foreign direct investment in the wake of the Brexit vote last year.
Headquartered in Indianapolis, Indiana, Eli Lilly has a 141-year legacy. The company is one of the world’s leading manufacturers of psychiatric medications including Prozac, and it was the first company to mass-produce penicillin, the Salk polio vaccine and insulin.
Eli Lilly employs more than 41,000 people worldwide and has annual revenues of $21.1bn.