Press Release 11 Dec 2014

Thursday, 11 December 2014 - The Irish Medical Devices Association (IMDA), the Ibec group that represent the medical technology sector, today published its latest sentiment survey in advance of their annual CEO Forum, jointly hosted with Enterprise Ireland and IDA Ireland, in the Limerick Strand Hotel. The survey shows that 94% of companies are confident about their business, with 42% saying they are more confident now than they were three months ago.

The CEO Forum  is the largest gathering of medtech professionals in Ireland with over 200 business leaders and experts attending. The latest survey of the sector conducted by the IMDA shows that sentiment continues to improve with four out five business expecting sales to rise over the next three months and nearly half to hire new staff.

  • Exports back on the rise: 73% of companies expect to increase exports over the next three months
  • Most companies to see sales rise:77% companies expect to see sales increase
  • Nearly half of companies to hire new staff: 44% of medtech businesses expect to increase the number of employees
  • Third of companies to invest in R&D: 35% expect an increase in R&D expenditure
  • Two thirds of business to grow base: 65% expect to increase their customer base

Director of the IMDA Sinead Keogh said: "IMDA's latest survey shows that confidence within the sector is improving steadily with nearly half of companies more confident now than they were three months ago and nearly half planning to hire new staff. Our commitment to patient care remains strong, with over a third of companies said that they plan to spend more on R&D over the coming months.

Enterprise Ireland Senior Development Advisor Life Sciences Department John Shiel: "This day is about showcasing the strength of the medtech sector in Ireland, there are now over 300 companies here, who employ over 25,000 people. Our indigenous companies continue to grow. As many as 94% of companies are confident about their business, that's why today's theme, 'Creating value and new opportunities' is timely." 

IDA Ireland Head of Medical Technologies Division Andrew Vogelaar: "Ireland's strong multinational and indigenous base of companies is continuing to grow. New investment from the likes of CR Bard, West, NuVasive, Hollister and Ethicon Biosurgery will ensure that Ireland remains the location of choice for a global industry.”

Ireland's strong multinational and indigenous base of companies is continuing to grow. New investment from the likes of CR Bard, West, NuVasive, Hollister and Ethicon Biosurgery will ensure that Ireland remains the location of choice for a global industry.

IDA Ireland Head of Medical Technologies Andrew Vogelaar

The CEO Forum will be followed by the Irish Medical Technology Industry Excellence Awards at 7 pm. We would like to thank our sponsors KPMG (platinum sponsors), Teleflex (gold sponsors), AIB, Bank of Ireland and IMDA Skillnet (silver sponsors), for their support.

The Irish Medical Devices Association (IMDA) aims to promote and support an environment that encourages the sustainable development and profitable growth of multinational and indigenous medical device and diagnostic companies. 170 members strong, IMDA achieve this by focusing on four strategic themes including; ecosystem development; industry foresight; entrepreneurship and member services. IMDA is the business association within Ibec for the Medical Devices and Diagnostics sector.

Notes:
President of the Cook Group Incorporated Kem Hawkins will share his experience and discuss how to drive growth where expectations are high and budgets are constrained. The Cook Group is headquartered in Indiana, America. Cook Medical Ireland was set-up over 20 years ago in Limerick, they now employs 800 people, including 55 researchers and scientists with the expectation of more jobs being created as further projects are initiated.

Chairman and CEO Lake Region Medical (formally Accellent) Donald Spence will be discussing ways to extend the reach of global medical device customers. He will describe how the recent acquisition of Lake Medical Region by Accellent has made the company the leading provider of integrated outsourced  manufacturing and engineering services to key markets and what the merger means in terms of cultural guiding principles and close collaboration.

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