A public company that booked a net profit of €281m in 2020 is to receive €4m in taxpayer funding for its R&D activities.

Dublin-based Icon, a provider of drug development and commercialisation services traded on Nasdaq, has been awarded €4m in R&D support from Enterprise Ireland to enhance its data solutions and decentralised clinical trial technology.

Last year, Icon plc returned $175m to investors through share repurchases.

Enterprise minister Leo Varadkar commented: “I’m really happy government is in a position to invest €4m in one of Ireland’s best known and respected life sciences companies.

“With its roots in Dublin, Icon has grown into a global team of 38,000 dedicated employees. It is a real success story. I wish the team the very best of luck with this project, which I have no doubt will result in better outcomes for patients here in Ireland and worldwide.”

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According to the company, the €4m state aid will help development of tech-enabled systems that provide greater flexibility and reduce the burden felt by clinical trial participants.

Chief executive Steve Cutler said: “Clinical research has been evolving for many years, but the importance of expanding patient access to clinical research by decentralising many components through technology and data insights was never more apparent than in the last 18 months.

“We have to accelerate the adoption of decentralised and hybrid clinical trials to meet participants wherever they are – on their mobile devices and in their homes – while also protecting data security, ensuring the integrity of all trial data, and adhering to regulatory requirements. We are honoured to be the recipient of this R&D funding from Enterprise Ireland, which will help us advance our mission to save and improve patient lives.”