As you may know, the Irish Pharmacy Union (IPU) and Health Market Research (HMR) International jointly established HMR Ireland in 2014. This was to provide pharmaceutical market analysis and data analytics services to pharmacies, pharmaceutical and healthcare sectors. This is based on prescription medicines and healthcare products sales data.
HMR Ireland initially experienced growth having brought significant innovation to the Irish market in the area of data analytics and insights. Regrettably, this level of growth has not been sustained as marketplace conditions became more challenging in recent years through a combination of several factors; mainly competition and consolidation in the health market research sector. These factors have had a serious impact on the viability of the company.
An independent Strategic Review of the company was carried out last year, commissioned by HMR Ireland to examine the potential longer-term sustainability of the business. It has concluded that while the possibility of a profitable business exists, the long-term sustainability of the business in Ireland is not guaranteed.
The IPU Executive Committee also set up a sub-committee to conduct an evaluation of the IPU investment in HMR. This sub-committee synchronised its work with the Strategic Review.
Based on the outcome of the independent Strategic Review and the views of the sub-committee, the IPU Executive Committee decided on a prudent and forward-looking basis that no further investment would be made in HMR Ireland.
Over the last year the Board of Directors has explored multiple options in an attempt to secure the future of the business. No solution to the fundamental problem was found. Consequently, the Board has decided that the only prudent and reasonable decision is that the Company’s operations should be wound down in an orderly fashion over the next number of months.
The Company is commencing a communication and consultation process with each of its stakeholder groups including IPU members who are part of the panel providing data to HMR Ireland.
