Dechra Pharmaceuticals Manufacturing (DMC) has been ordered to close by the Irish government as it tries to regain market share in a sector that has been hit hard by the recession.
The pharmaceuticals giant has faced intense competition from smaller rivals in recent years, including the US company AbbVie and generic drug maker Abbvie.DMC is also facing regulatory pressure over its handling of patient data.DMS has been operating in Ireland since 2009, after being acquired by Pfizer in 2010.
It is one of the largest pharmaceuticals companies in the world and employs over 4,000 people.
It has been trying to expand its operations in Ireland and has a strong presence in Cork.DMR, on the other hand, is owned by the company which was established in Ireland in 1977.
Irish regulators have been examining the company’s recent past and have requested the company provide evidence of how it has managed its business in recent decades.
DMR has been fined a total of €60 million ($66.9 million) in relation to the investigation, which began in July.
It has been forced to repay more than €3.2 billion to customers in the past five years and the company is facing a €7.7 million fine for breach of fiduciary duty.
The company also has a separate investigation going on into how it handled patient data after the death of a patient.
It was revealed in December that DMS had breached its fiduciaries duty and failed to report to the Health Service Executive how it was storing and handling data.
The regulator has also requested the Irish authorities to examine DMR’s data retention practices and the use of its patient records.