is investing more than $2.5-billion at its drug making plants in Belgium and Ireland, gearing up to launch new products it hopes can replace lost revenue as patents expire and COVID-19 vaccine sales decline.
The Puurs site has played a key role in the production of COVID-19 vaccine shots Pfizer developed with its German partner BioNTech using messenger RNA technology. “If you project out the capacity modeling for these two sites ... you’ll find a gap in our ability to serve that . So this is proactive investment,” he said on Thursday.
The sizeable investment and creation of jobs in Europe comes at a critical time for the region as companies struggle with soaring costs of energy, labour, raw materials and credit, fuelling worries over a recession. Pfizer hopes to introduce as many as 19 new medicines over the next year and a half, including treatments for ulcerative colitis and migraines, as well as its vaccine for respiratory syncytial virus .
The expansion in Ireland will add around 400 to 500 jobs and allow it to double the amount of drug substance it makes at the site, which produces material for complex biologic drugs and vaccines.
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