Irish medtech sector attracts €259 million in investment Medtech News

Irish medtech sector attracts £233 million in investment

Medtech Rising: The Irish Medtech CEO Conference will be held in Cork, Ireland on 5-6 December. The event is hosted by the Irish Medtech Association, Enterprise Ireland, the national export agency, and IDA Ireland.

Irish Medtech Association Director Sinead Keogh said, “Ireland is one of the top five global medtech hubs, with particularly strong growth in the past two years leading to 2,070 jobs being added in the country. Globally, medtech companies are innovation trailblazers. The Medtech Rising: CEO Conference this year will focus on innovation.

“In Ireland, as many as 68% of FDI multinational medtech companies already have some R&D activity, employing 1,229 R&D professionals and investing €181 (£163) million annually. But with global R&D spend to grow 3.7% (CAGR) reaching $33.5 (£26) billion by 2022, we need to focus on sophisticated R&D and use our world-class reputation to help businesses assume responsibility for whole product portfolios and deliver better outcomes for patients.

“As many as 91% of medtech companies surveyed by Ibec have, or are planning to put in place, Brexit contingency plans to manage any disruptions it creates. Two thirds identified disruption of transit through the UK to the EU and customs barriers as a concern, while 40% said it would impact pricing and the level of imports from the UK.”

Enterprise Ireland, Senior Development Advisor for Life Sciences, John Shiel said, “As a small open economy in a globalised world, building relationships is more important than ever – that’s why Medtech Rising 2018 is a must-attend event. It brings together global business leaders and experts and sets out the latest trends, while also giving the 500 attendees unparalleled networking opportunities with both start-ups and FDI multinationals in attendance. Irish start-ups continue to gain international attention and perform well with €102.55 million in financing raised by start-ups over the past two years.”

IDA Ireland Head of Medical Technologies Rachel Shelly said, “With increasing political and economic uncertainty internationally, Ireland’s attractiveness as a location to do business is growing. Our positive, stable business environment and supportive government has enabled IDA Ireland to continue to grow the level of FDI investment here. We’ve seen €259 (£233) million in investments publicly announced in the last few years. These investors are establishing in Ireland to service their global networks, while others are growing their mandates and stepping up in the areas of new product and process innovation. This investment will drive long-term sustainable growth for the sector. Medtech Rising will explore Ireland in the global context and offer CEO insights on new business models to ensure companies have the latest perspectives as they transform and build on their operations here.”

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