Ireland to be world class centre for medical technology

Ireland will be a world class centre for medical technology by 2020, industry leaders predicted today.

Already 15 of the world’s top 25 companies have a presence in the country and exports are valued at €6bn, delegates at a meeting of the AIB/IDA Ireland Irish Medical Technologies Industry Forum heard.

The chairman of the forum Michael Loftus told the conference at the Burlington Hotel in Dublin he believed Ireland would soon be a global leader in the field.

“By 2020 Ireland will be recognised as a world-class centre of medical education and research.

“We will have a medical technologies sector possessing world-leading interdisciplinary medical education and research networks.

“We will be involved in the generation of innovations in convergent medical technology,” he said.

“We will be a world class centre of excellence with proactive clinical research and practice that will make us the envy of the medical technology world.”

Jerry McCrohan, head of AIB Corporate Banking Ireland, said the medical technology industry was one of the Irish economy’s key growth areas.

“Over the last 20 years it has increasingly contributed to the Irish economy with exports from the sector valued at over €6bn.

“Over 110 medical and diagnostic device companies including 15 of the world’s top 25 medical technologies companies have significant Irish operations.

“Employment in the sector is estimated at 22,000 across the country,” he said.

Mr McCrohan said the skilled educated workforce, continuing tax incentives, and infrastructure developments provided a vital base for sustained growth in the industry.

And he said the future expansion of the medical technologies sector – which would have implications for Irish healthcare – depended on continued investment in research and development.