Medtech sector amongst top five in world

1067

WITH firms like Cook Medical, Becton Dickinson and Zimmer, to name but a few based in the Mid West, Ireland’s position amongst the top five global medtech hubs has been secured with strong growth over the last two years with 2,070 jobs being added.

Confirming the position, the Irish Medtech Association, the Ibec group that represents the medtech sector launched the Medtech Rising: The Irish Medtech CEO Conference which will be held in December.

The event will be hosted by the Irish Medtech Association, Enterprise Ireland and IDA Ireland and will see the sector showcased to the world.

In Ireland as many as 68 per cent of FDI multinational medtech companies already have some R&D activity, employing 1,229 R&D professionals and investing €181 million annually.

To keep in line with the expected sector growth, the association says that 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.

Sign up for the weekly Limerick Post newsletter

Brexit contingency plans are expected to be put in place by nine out of ten medtech firms surveyed by the Ibec group.

Two thirds identified disruption of transit through the UK to the EU and customs barriers as a concern, while 40 per cent said it would impact pricing and the level of imports from the UK.

“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”, senior development advisor (Life Sciences Department) at Enterprise Ireland, John Shiel said.

The Cork event will bring together global business leaders and experts and set out the latest trends, while also giving the 500 attendees unparalleled networking opportunities with both start-ups and FDI multinationals in attendance.

The event will also act as an introductory launch platform for Irish start-ups who continue to gain international attention and perform well with €102.55 million in financing raised 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.” Mr Shiel concluded.