Pfizer, the US pharmaceutical giant, which has been in Ireland since 1969, today announced it is to invest more than €11m in a new research laboratory at its Ringaskiddy site in Cork. IDA Ireland is supporting the investment.

The new laboratory will be focused on  research and development facility within the Process Development Centre (PDC) at the site. It will research, develop and create new manufacturing technology for more efficient production at Pfizer's facilities around the world.

Pfizer's Cork site employs more than 550 people and comprises four API (bulk pharmaceutical) plants producing a range of materials for many of Pfizer's major products.

70% of the production of the blockbuster cholesterol drug Lipitor, is located  in Cork.

Total Pfizer payroll in Ireland 2,000 people.

Last week, the European Commission announced an extension of the deadline for their review of Pfizer's $68 billion plan to take over rival Wyeth.

The Commission extended the review deadline to July 20th from July 6th to consider remedies offered to address competition concerns, a daily list of planned mergers being scrutinised by the EU executive said.

IMS Healthcare says the global pharmaceutical industry is on the decline with its sales growth falling to 4.8% in terms of constant dollar during 2008 from 6.6% in the previous year.

Lipitor maintained its leadership among all the brand drugs and notched up a sale of $13.6 billion in 2008, as against $13.5 billion in 2007. Though, the product is showing a marginal growth of one per cent, in constant dollar terms, it declined by one per cent during 2008.

Lipitor patents expire in 2010 and 2011.