Strong growth within the medtech industry is driving investment and job creation, according to a new survey from the Irish medtech association, the Ibec group.
The results of the Medtech Business Sentiment Survey reveal that more than eight out of ten medtech industry leaders believe that the business environment in Ireland was good or very good, with two thirds saying that they intend to hire new people, with an expected 39,000 people working in the industry by 2020.
Irish medtech association director Sinead Keogh said: "The Irish Medtech Awards celebrates the strength and innovation of the sector in Ireland. Since Baxter won the first Medtech Company of the Year award ten years ago, the industry has transformed from traditional to hi-tech manufacturing. Ireland is internationally recognised for its ability to manage 'lean' businesses, with productivity expected to increase in the coming months according to 85% of our survey responders. A strategically important growth area is the continued investment in R&D with nearly half of business leaders (45%) expecting to invest more in the next 6 months.
“One area of innovation where Ireland is leading internationally is connected health, with half of medtech companies here having connected health products, solutions and services as part of their business offering. Moreover, one in five of these companies are planning to invest in new products and talent with a quarter of them seeking to invest in new technology. That's why the eHealth Innovation Award is so important to recognise the progress being made to grow businesses and drive improvements in more personalised, patient care."
Manager, lifesciences sector Deirdre Glenn said: "While the Irish economy is one of the most globalised in the world, indigenous companies are playing an increasingly important role driving growth and creating jobs. Enterprise Ireland has supported investment into Irish companies’ innovation capabilities and competitiveness over the years with the focus on entrepreneurship and building leadership. The Emerging Medtech Company Award is an important award in the medtech sector where four out of five companies are SMEs. However, as we look to the future we want to do more to help companies build their scale and expand their reach. Previous Company of the Year winners Aerogen and Crospon are a good example of Irish businesses we've invested in which prove that Irish companies can compete and thrive."
IDA Ireland head of medical technologies Michael Lohan said: "The IDA has helped to attract foreign direct investment into Ireland for nearly seven decades and in that time Ireland has become the number one destination of choice for medtech investment in Europe. This has put us on a par with the world's leading medtech clusters, like Massachusetts and Minnesota in the USA. Ireland's medtech hub includes numerous multi-site businesses, like past winners of the Company of the Year Award, Abbott and Medtronic, as well as key partners like West who won the inaugural Partner/Supplier Award last year. And while 75% of all investments we see are in manufacturing and technology, over 60% of IDA client companies have an R&D focus which is why the Academic Contribution to Medtech Award is so important to this innovative sector. Collaboration is a key part of what has made Ireland a global medtech hub, and the Irish Medtech Awards help us come together as an industry to recognise the ongoing companies successes."
