Investments totalling €200 million from IDA Ireland have been announced for the pharma and medtech sectors in a new, targeted COVID-19 fund.

The organisation acknowledges there is particular competition for foreign investment in its key sectors – notably pharmaceuticals and medical technologies.

At the launch of IDA Ireland’s 2019 Annual Report, the tánaiste and minister for enterprise, trade and employment, Leo Varadkar said: “Throughout the COVID-19 crisis, the IDA’s extensive client base has shown real grit and resilience in responding to the economic shock caused by the pandemic and many have been to the fore in helping with the COVID-19 emergency.

“Medtronic in Galway increased the production of ventilators to meet worldwide demand for the life saving devices, from 200 ventilators a week at the end of February to more than 1,000 a week by the end of June, while Mallinckrodt Pharma in Blanchardstown and Intel are among the many firms who have donated tens of thousands of items Personal Protective Equipment to frontline staff.”