Ireland's bid to host the 2023 Rugby World Cup should be the model for the State's approach to seeking the relocation of an EU agency from London when Brexit takes effect, the Seanad has heard.

Fine Gael Senator Neale Richmond said Ireland could and should be the obvious place for the European Medical Agency (EMA) to be based.

The EMA, an EU agency which monitors and evaluates the safety of newly developed medicines, will relocate from its London headquarters once negotiations on Britain’s departure from the EU are completed.

Dublin, Milan and Stockholm have been mentioned as possible bases for the institution which employs a secretariat of 600 and has an annual budget of €300 million.

Mr Richmond described Brexit as an absolute disaster for the Irish economy and more so than any other EU member state. “However, Brexit does present a few slim opportunities that Ireland must capitalise on in order to offset the pending economic decline that will be brought about.”

A relocation of the London-based agency to Ireland would be a massive boost to the economy, he said. Bringing the EMA to Ireland would see a surge of interest from pharmaceutical companies in looking to relocate to Ireland, he added.

“A number of Japanese pharmaceutical companies in London are already on the record saying that they would go wherever the medical institution went.

“The EU is currently the source of one third of new drugs on the world market each year.”

Calling for Ireland to follow the approach taken in the bid to host the 2023 Rugby World Cup with society-wide involvement, Mr Richmond said “the Government cannot do it alone”.

“It is vital that all our political, civic society and commercial leaders come together to back the bid to bring the EMA to Ireland,” the Dublin Senator said.

Stiff competition

After intense competition Ireland is one of three potential locations for the Rugby World Cup along with France and South Africa, following the involvement of Government, State agencies, sporting bodies, private companies and community organisations.

Mr Richmond said “it must be made very clear that Ireland of all member states will be the one to suffer most and that decline needs to be offset”.

Minister of State Marcella Corcoran-Kennedy said Minister for Health Simon Harris intended to put Dublin forward as a suitable location and his officials are preparing a bid. They had been liaising with several Government departments along with State agencies including the IDA, Science Foundation Ireland and pharmaceutical industry representatives.

Ms Corcoran-Kenny said a decision on the relocation of the EMA was likely “relatively quickly” once Britain triggers Article 50 to begin negotiations on exiting the EU.

She said nine of the 10 largest pharmaceutical companies in the world had operations in Ireland, which also has a strong research and development centre.

English is the language of the agency and of the pharmaceutical industry and the proximity to the Irish Medicines regulatory authority would be a bonus, the Minister added.

Ms Corcoran-Kennedy said there was a lot that the Government could not control in relation to Brexit but “we will not be found wanting in our efforts to mitigate against Brexit” and to attract other agencies.