Medical firm to invest €50m in Galway

Leading medical firm Boston Scientific is to invest €50m at a new research and development suite at its Galway plant, it was revealed today.

After announcing 240 job losses with the closure of its Offaly facility last month, the expansion is widely seen as securing the future of the business in the west of Ireland.

The investment was secured with the support of IDA Ireland.

Brian Lenihan, Finance Minister, announced the plan and said it was testament to the quality of the workforce in the area.

“This investment is extremely significant, not just for Galway but also in terms of the research and development activities that are taking place in Ireland,” he said.

“Boston Scientific is a highly technologically advanced company which has to rapidly change and continually develop to remain ahead in a highly competitive industry.

“Their desire to locate this investment here speaks very highly of the calibre of Irish scientific talent.”

Boston Scientific specialises in medical devices for use in minimally invasive surgical procedures.

The Galway plant, the largest in the corporation, opened in 1994 and employs more than 3,000 people in the R&D and manufacture of cardiology and other devices such as stents and catheters.

Last month, the company told 240 staff in Tullamore that it was closing its operations in the county and moving to the US.

Jim Tobin, the company chief executive, said: “The Galway R&D team have an impressive talent base and a strong track record of delivering innovation. We look forward to their continuing contributions.”

Barry O’Leary, IDA chief executive, said it was a significant investment.

“Given the stature of the Boston Scientific Corporation it demonstrates Ireland’s ability to win such investments internationally and demonstrates our ability as a capable knowledge based economy,” Mr O’Leary said.

Sharon Higgins, director of the Irish Medical Devices Association (IMDA), commended the IDA for supporting the investment.

“The future of this key sector, employing 24,000 people, depends on Ireland continuing to compete and win international investment while at the same time growing our developing indigenous company base,” she said.

“This demands that Ireland must constantly prove it can offer the best return on investment, which in turn requires better supports to drive productivity, cost effectiveness and R&D.”