Ireland to be medical tech leader

Ireland is being positioned as a global leader of the medical technology sector by 2015, with the industry set to be a “key driver” in the country’s ongoing export-led economic growth.

At the launch of its four-year strategy yesterday, the IBEC-affiliated Irish Medical Device Association said its aim is that, by 2015, Irish-made medical technology products and solutions will be major contributors to global healthcare and the global economy. It sees Ireland as an international location of choice for the industry due to its expertise and pro-business environment.

There are 250 medical technology companies operating in Ireland, 50% of which are indigenous firms. These companies employ around 25,000 people and export €7.2bn worth of products per year. Ireland is already ranked as the leader in terms of inward investment from the sector.

Incoming Irish Medical Device Association chairman Paraic Curtis said: “The industry is poised for rapid convergence between technologies, which will result in more collaboration and new products in drug device and smart device development.”

However, he said the next four years will not be without challenges — particularly with global healthcare expenditure coming under increasing pressure — but said “given the industry’s existing capacity to adapt, it’s in a strong position to address these challenges”.

IDA Ireland chief executive Barry O’Leary said: “Ireland is very much leading the field when it comes to medical technology. Seventeen of the world’s top 25 medical technology companies have invested significantly in Ireland and there is a pattern of indigenous companies emerging and competing internationally.”

Over the course of 2011, Irish-based medical technology companies announced investments of a combined €170m, leading to the creation of 875 jobs, which will come on stream in the coming years.