Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

The difficulty I have is with the third line of the amendment. It is on the distribution of pharmaceutical products. It only speaks about one type of company and one sector. We believe that will have implications on state aid rules. The issue is more complex than the Fianna Fáil amendment suggests. As I said, it affects other sectors and it may cut across state aid rules. I have invited relevant companies to meet me and I will meet with them. I am also keen to explore appropriate solutions and if legislation is needed I will consider that in the context of the forthcoming statutory audits Bill. That is due for publication in the autumn.

I am aware that the pharmaceutical companies may face particular organisational challenges when it comes to updating the company name. As Senator Colm Burke mentioned, they point to the fact that they have licences and patents in many countries around the world. That is why some pharmaceutical companies have been granted extensions beyond the traditional transitional period that all other company types had to meet. In effect, they have been given six-and-a-half years to comply. I note that any company that converted to a designated activity company during the transitional period also had to change its company name. These include companies in insurance and other financial advisors. They are also complex businesses with their own organisational challenges and as there is no possibility for these companies to seek an extension they all have to apply within the 12-month transitional period. I stress that I am keen to explore solutions. If legislation is needed, I will consider that in the context of the forthcoming statutory audits Bill due in autumn.