Ireland is one of Europe’s largest MedTech hotspots and, as a globally recognised centre of excellence, is home to 300+ companies, employing 32.000 people. Nine of the world's top ten companies have operations here. Ireland also employs the highest number of MedTech personnel per capita in Europe.
Ireland’s MedTech sector has become one of the leading clusters for medical device products globally. Exports of medical devices and diagnostic products now represent 8% of Ireland's total merchandise exports.
30 million people
2nd largest exporter
Ireland is home to a closely knit cluster of 300+ MedTech companies, supported by industry, academic, clinical and government agencies. This integrated and progressive community has already encouraged an increasing number of companies to expand operations across multiple facilities.
With the highest number of personnel per capita employed in MedTech in Europe, Ireland has a deep pool of experienced and highly trained technical and managerial talent. Key areas of specific excellence include mechanical, electronic, materials engineering and science specialists.
Ireland is ranked number one globally for the most highly employable graduates. The MedTech sector benefits from this flow of skilled graduates produced by Ireland’s seven universities and 13 Institutes of Technology. Close cooperation between industry and academic institutions ensures the evolving skill needs of sector are constantly met.
As the second largest exporter of MedTech products in Europe, Ireland supplies 95 of the world’s top 100 countries (ranked by GDP). Over 25% of the world’s population that have diabetes rely on injection devices made in Ireland. While 33% of the global supply of contact lenses are made here.
Ireland’s exemplary regulatory environment continues to play a key role in attracting global MedTech companies. Regulation agencies work closely not only with the industry as a whole but also with individual companies to ensure compliance and trouble-free start-ups.
Ireland boasts five clinical research facilities, which support patient-focused research and is ranked number one globally for the exchange of technology and ideas. This supportive environment and generous government grant assistance is responsible for an impressive 70% of MedTech companies in Ireland engaging in research and development activities.
The key driving force behind the stunning success of Ireland’s globally recognised MedTech sector has been active collaboration between companies. Over 25% of companies have a shared services mandate, helping the sector develop world-class operations and technology solution development. The industry is also closely integrated with key academic centres of excellence, including AMBER, Tyndall National Institute, BDI, SEAM and APT.
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Every company that wants to grow will reach a point where it needs to expand into new markets. Doing it right means setting up operations closer to those customers.
It’s a big step, but it’s one that many others have taken before. For this blog, we spoke to senior leaders at leading tech companies that expanded into Ireland. They shared their advice on getting a fast and frictionless start, with five practical tips for others planning to grow their business internationally.
While the American medtech industry is thriving, it still must deal with challenges that include higher production costs, finding skilled staff and the ongoing issues innate to a highly regulated sector. Then there are global concerns such as competition, funding and the high cost of research. With Europe and the United States being the key markets, many U.S. medtech firms have located some of their operations in Ireland in order to take advantage of an established, flourishing life sciences sector, strong governmental support and easy access to the lucrative European market.
Michael Lohan is Head of Medical Technology & Healthcare Services at IDA Ireland. In this role, he is an ambassador spreading the word about Ireland's opportunities to medtech and biotech companies around the world. IDA Ireland is proud to be a platinum sponsor of The Med Tech Conference since 2007. Come visit IDA Ireland at booth #323. In the second part of this two-part blog, Lohan concludes his discussion about why American medtech companies have been choosing Ireland as their European base of operations.
Michael Lohan is Head of Medical Technology & Healthcare Services at IDA Ireland. In this role, he is an ambassador spreading the word about Ireland's opportunities to medtech and biotech companies around the world. IDA Ireland is proud to be a platinum sponsor of The Med Tech Conference since 2007. Come visit IDA Ireland at booth #323. In this two-part blog, Lohan talks about why American medtech companies have been choosing Ireland as their European base of operations.
Keep Calm and Make Something
Ireland's Value Proposition for Foreign Direct Investment
The U.S. healthcare industry, while expanding rapidly, is also saddled with challenges including spiraling patient care costs, growing R&D expenditure, the ongoing struggle of finding well-trained workers and – the bane of the massive healthcare IT sector – the increasing demand for privacy given all the information now being gathered electronically. Underpinning this situation is the expanding role that technology is playing in improving patient outcomes and overall efficiency, which means rapid demand for not just innovative solutions but the tech-savvy personnel needed to create and operate them.
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