Dublin up - the Irish medtech scene
This October see an array of Irish medical technology and healthcare companies heading to Dublin for Med in Ireland. MPN looks at what’s on offer from the Irish medtech scene
October sees Med In Ireland taking place at the Convention Centre, Dublin. The event is Enterprise Ireland’s largest medical technologies event and is billed as a high-profile showcase for the whole of the Irish medical technologies sector - medical devices, medical devices sub-supply, precision engineered components, diagnostics, connected health, healthcare providers, clinicians and research and development professionals.
Organisers of the event says that the top medical technology and healthcare companies, clinicians and healthcare systems from around the world will be at the event to develop strategic relationships with Irish companies exhibiting at event.
The Irish Medtech sector has grown strongly over the last 20 years demonstrating sustained innovation and growth in international markets. Ireland is home to more than 350 medical technology companies, including 13 of the top 15 global Medtech companies, employing 25,000 people and exporting almost €8bn. Ireland is now the second largest exporter of high tech medical products in the EU and is internationally recognised as a location of choice for development and manufacture of high tech products.
According to the Irish Medical Devices Association, the medical technology sector in the country is recognised as
one of the five global emerging hubs. It boasts that 18 of the world’s top 25 medical technology companies have a base in Ireland and 50% of the 300 medtech companies based there are indigenous.
According to the association, the Irish government’s investment in R&D through Science Foundation Ireland over the past five years has seen the country grow its medtech facilities research. This include Ireland’s first stem cell manufacturing centre in Galway and an initiative between Enterprise Ireland and the Mayo Clinic. The USA will commercialise up to 20 novel medical technologies in Ireland over the next five years to creating several high value medical technology spin-out companies.
Earlier this year Ibec, the group that represents Irish business, hosted a manufacturing conference in Galway. It found that economic trends, including the weak euro, had put Ireland in an increasingly attractive position as a manufacturing base.
These findings highlighted that there was now an opportunity to reverse the demise in manufacturing that occurred during the boom years. Between 2008 and 2012 a lack of competitiveness meant domestic manufacturers struggled to compete, the number of Irish companies fell by 20% and employment fell by 23,000 in the sector.
Speaking at the event, director of the Irish Medical Devices Association (IMDA) Dr Sinead Keogh said: "We are now seeing a real opportunity for recovery. Output in traditional manufacturing was up 6.3% in 2014, and Irish goods are competing strongly with UK counterparts. Employment in manufacturing will be 6,000 higher this year compared with last.
"However, more can be done to help the sector. Irish companies need more support to make it big and attract investment. Skill shortages are emerging in certain sectors and these need to be urgently addressed. Business needs to work closer with education and training providers and as part of the ongoing reform in apprenticeships, new apprenticeships in manufacturing need to be developed. The government must also ensure the knowledge development box fully reflects how R&D in the sector leads to new developments in innovation and new products."
Ibec head of business sectors, Sharon Higgins, said: "Manufacturing is an integral part of the Irish economy and is the second largest employer with 4,000 businesses, both home-grown and international, employing nearly 160,000 people. It can help Ireland achieve a balanced and sustainable recovery, with as many as 82% of manufacturing employment already outside of Dublin, but only if the conditions are right.”
Med in Ireland
At Med in Ireland 2015 a range of Irish medtech companies will exhibit and be available for one-to-one meetings.Visitors to the event will be able to network with a range of exhibiting Irish companies as well as gain an insight into the trends in the medtech sector via the event’s keynote speakers. There will also be an opportunity to learn about clinical design innovation and find out about Irish medical technologies being developed through Horizon 2020 funding – the €79bn EU fund for research and innovation.