Irish medtech sector attracts €259 million in investment Medtech News Events

Irish medtech sector attracts over $300 million in investment

Medtech Rising: The Irish Medtech CEO Conference will be held in Cork, Ireland on December 5-6, 2018. The event is hosted by the Irish Medtech Association, Enterprise Ireland and IDA Ireland.

“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 in the country,” said Irish Medtech Association Director Sinead Keogh. “Globally, medtech companies are innovation trailblazers. The Medtech Rising: CEO Conference this year will focus on innovation.”

In Ireland, as many as 68-percent of FDI multinational medtech companies already have some R&D activity, employing 1,229 R&D professionals and investing $210 million annually. But with global R&D spend to grow 3.7-percent (CAGR) reaching $33.5 billion by 2022, companies need to focus on sophisticated R&D and assume responsibility for whole product portfolios and deliver better outcomes for patients.

“As a small open economy in a globalized world, building relationships is more important than ever – that’s why Medtech Rising 2018 is a must-attend event,” said Enterprise Ireland, Senior Development Advisor for Life Sciences. “It brings together global business leaders and experts and sets out the latest trends, while also giving 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 over $115 million in financing raised by start-ups over the past two years.”

As many as 91-percent 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-percent said it would impact pricing and the level of imports from the UK.

“With increasing political and economic uncertainty internationally, Ireland’s attractiveness as a location to do business is growing. Our positive, stable business environment and supportive government have enabled IDA Ireland to continue to grow the level of FDI investment here. We’ve seen $300 million in investments publicly announced in the last few years,” said IDA Ireland Head of Medical Technologies Rachel Shelly. “These investors are establishing in Ireland to service their global networks, while others are growing their mandates and stepping up in the areas of new product and process innovation. This investment will drive long-term sustainable growth for the sector. Medtech Rising will explore Ireland in the global context and offer CEO insights on new business models to ensure companies have the latest perspectives as they transform and build on their operations here.”

Contact your Enterprise Ireland Market Advisor

Doreen McKeown

 SVP for Enterprise Ireland Boston and Chicago Offices