The company plans to invest 300 million euros ($330.8 million) over the next five years to build a manufacturing site in Ireland, creating up to 1,000 jobs.

The investment to expand manufacturing at Pfizer’s plant in Dublin would double its capacity to produce key substances used in biological drugs.

Novartis said on Thursday that it would cut up to 400 jobs in Ireland, or about a quarter of its workforce there, as part of a previously announced restructuring program that will cut 8,000 jobs globally.

For companies that are still trying to determine what digital transformation should look like within their operations, they should look to Ireland where companies are using new and disruptive technology to transform product innovation, manufacturing operations and sustainability efforts in life sciences.

The European Union said on Wednesday it had secured an additional 170,920 doses of the monkeypox vaccine developed by biotech firm Bavarian Nordic amid concerns about the outbreak of the disease.

Confirming the $450 million investment, Abbott’s senior vice-president for diabetes care, Jared Watkin, told the Irish Times that choosing Ireland for its increased production of devices that monitor glucose levels made strategic sense.