As Ireland is a small, open economy, Irish Medtech companies have always been global in their outlook, which has been a key driver of the growth of the sector from a total of 50 to 300 companies over the past 25 years. The Irish companies serving the strong multinational base in Ireland have built up expertise in meeting their needs on a global scale, both in terms of compliance with international standards and increased innovation and efficiency.
As a result of the relatively small domestic market size, most companies that have developed their own unique products and solutions are ‘born global’ – focused on international markets from day one. This is helped by the pro-business environment and a government culture which supports companies looking to innovate, grow and compete globally. Ireland was ranked amongst the top 20 of 190 economies this year by the World Bank for ‘ease of doing business.’
Ireland is recognised globally as a major centre of excellence in the Medtech sector. The industry in Ireland is one of the most dynamic, innovative and adaptable in the world and the people it employs have a ‘can-do’ attitude. They are easy to do business with and are committed to developing relationships with clients over time.
Ireland is ranked first in the world for attracting and retaining talent in IMD’s 2017 Global Competitiveness Yearbook and Ireland is the highest employer of Medtech professionals per capita in Europe.
The talent pool in the Medtech sector demonstrates a strong ability to solve problems, to work in teams and be collegial. Ireland’s workforce generally is the youngest in Europe, with one-third of its population now under 25 years of age.
A lot of people now working in Irish Medtech companies previously worked in healthcare multinationals. This means they have a particularly good understanding of client needs and how they prefer to work with suppliers. Irish Medtech companies also have a keen insight into the needs and requirements of hospitals and wider clinical community, as the collaborative nature of the ecosystem in Ireland facilitates easy access to hospital settings and clinicians.
A strong heritage of supplying multinationals on a global basis and the culture of collaboration within the Irish market have made a partnership approach second-nature to Irish Medtech companies.
Rather than simply selling a product ‘off the shelf,’ they work with clients worldwide to tailor-make solutions to suit their requirements and solve their problems. They have proven themselves to be particularly agile in dealing with fast-paced change in the marketplace.
Hospitals can be concerned that the introduction of a brand-new medical device or solution will require a change in mindset and affect the way that clinicians work. Irish Medtech companies provide technical support on the ground in overseas markets to alleviate this concern and facilitate the introduction of their new devices.
Because of their focus on international compliance and standards, Irish Medtech companies have established a strong reputation in terms of reliability – both in terms of the products and solutions they provide and their ability to deliver within the timeframe required. This is vital at a time when healthcare systems are under pressure to cut costs and patients have higher expectations and demands.
Ireland will be the only English speaking EU member state post-Brexit with the same common law jurisdiction as the UK.
Thanks to Ireland’s strong commitment to EU membership, EU customers of Irish Medtech companies need not be concerned about currency fluctuations, trade barriers and movement of people.