Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The "patent cliff", as it is known, is the principal reason for the projected decline in exports. Patents held by the pharmaceutical industry in Ireland are running out and generic medicines around the world are replacing high value patented medicines. This is hitting Ireland disproportionately. However, the other side of the export indices shows that growth in service exports is in double digit figures and continues unabated. The export of services across the service sector is one of the main drivers of the economy.