Home > General > Ireland is one of the top five global medtech hubs

Ireland is one of the top five global medtech hubs

Written by Robert McHugh, on 8th Aug 2018. Posted in General

article headline

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. This is according to the Irish Medtech Association, the Ibec group that represents the medtech sector.

The Association today launched the Medtech Rising: The Irish Medtech CEO Conference which will be held in Cork for the first time, in Rochestown Park Hotel, 5-6 December. The event is hosted by the Irish Medtech Association, Enterprise Ireland and IDA Ireland.

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 million annually. But with global R&D spend to grow 3.7% (CAGR) reaching $33.5 billion by 2022. The Irish Medtech Association says Ireland needs to focus on more sophisticated R&D and use its world class reputation to help businesses here 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.

Speaking today, Senior Development Advisor (Life Sciences Department) at Enterprise Ireland, 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. With sessions on topics like venture capital and investment strategies, Medtech Rising can help Irish medtech start-ups achieve their potential."

Source: www.businessworld.ie

More articles from General

image Description

Norwegian Finance may open Irish office

Read more
image Description

Irish company raises 4.8m to empower restaurants & takeaways

Read more
image Description

Ireland designated core market for 1.2bn pan-European renewable investment

Read more
image Description

Irish shoppers saved a total of 297m over the Black Friday Weekend

Read more