Mick Barry (Cork North Central, Solidarity) | Oireachtas source

Three hundred and twenty jobs were axed at Novartis in Ringaskiddy, Cork, this morning when the workers were called in. Many of those workers rely on the wage packet to pay their mortgage. Many households have not one Novartis wage packet coming into the house but two. Sometimes this involves two generations. Retailers, garages and restaurants will be hit, particularly in the harbour area but not just there. This will reverberate right throughout the city and the region.

The announcement was a scandal. Yesterday, 24 hours ago, Novartis announced worldwide operating profits had increased by 15%. That is the name of the game for modern capitalism. Profit-hungry sharks record massive profits one day and lay off hundreds of workers the next. Novartis is a company whose market capitalisation is more than $200 billion. The company has been built up by workers the likes of whose jobs were axed this morning.

There is now a question over the industrial model the State uses, which involves relying first and foremost on foreign direct investment. We saw what happened at Molex yesterday. Increasingly, there is a stronger case to base the State's industrial jobs policy on directly State-run investment, including directly State-run investment in the pharmaceuticals and drugs sector. We need cheap generic drugs, not least in the context of Brexit. The State should step in and do as I propose.

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