Mr. Colm O'Callaghan:

As we look at the research and development compass and where the research and development tax credit can move in the years ahead, we are looking at areas like intellectual property being held in Ireland but certain activities taking place outside of Ireland. This would be key for using that as an incentive to support clinical trials, for instance, being run from Ireland to take in that broader population as well. There is definitely a major appetite among pharma companies based here to try to leverage Ireland as a location to run that from. It is about enhancing the incentives we provide in the context of how they are driving business and investment and bringing responsibility in that regard to Ireland.

Broadly speaking, as we look at that sphere of research and development, Ireland has traditionally been very good at development. However, there is a huge opportunity now to attract research investment in, which, in that investment landscape, is probably a smaller footprint and a higher value, longer term investment we are seeing at a time when we are in a tight labour market and looking to attract talent to Ireland as well.