Virtual Trade Forum: Life Sciences

The topic at the forefront of the Trade Forum focused on how the Life Science industry is dealing with the pandemic and also how it is preparing for future global health challenges. Supply Chain is at the the core of this discussion as it is integral to driving this change as well as, meeting rising customer demands and expectations.

Paul O'Connell, Director of Business Development at Titan Solutions, discusses what we can expect moving forward from a supply chain standpoint and how supply chain has changed as a result of the pandemic in the last 12 months.

COVID-19 has exposed some weaknesses and flaws in supply chains that have evolved over the years in terms of their complexity. Part of what we're looking to unravel and help companies with is how can we introduce digital supply chain technology within their business. This creates a competitive edge for companies as it becomes a transformation change agent allowing companies to pivot and become more agile in their supply chains.

The webinar further highlights that Ireland is seen as a trusted partner for the US which is evident in the volume of US based multinational corporations who have set up international headquarters here; including nine out of the top 10 world's largest pharmaceuticals as well as med-tech companies. Robert O'Driscoll, Consul General of Ireland - Western United States, explains that this is because Ireland is the most globalised economy in the world which allows for stronger supply chains within the international trading environment and enables Ireland to act as a 'Gateway to Europe'.

There are many opportunities for Irish and American companies to collaborate and scale. The new EU-US agenda for global change, released at the end of 2020, highlights a range of different areas for the European Union and the United States to collaborate and drive the global agenda. This collaboration is integral as Europe and the US make up a third of global GDP; half of global personal consumption; and 60% of all inward and outward investments. Therefore, when Irish and US companies collaborate they have the ability to drive change.

The appetite for innovation is voracious on both sides of the Atlantic and it is important to leverage that through our supply chain and through collaboration.