Buoyant medtech sector sees 2,070 jobs& €259m in investments

The Irish Medtech Association, the Ibec group that represents the medtech sector, today launched Medtech Rising: The Irish Medtech CEO Conference which will be held in Cork for the first time, in Rochestown Park Hotel, 5-6 December. The event is hosted by the Irish Medtech Association, Enterprise Ireland, and IDA Ireland.

Irish Medtech Association Director Sinead Keogh: “Ireland is one of the top five global medtech hubs, with particularly strong growth in the past two years leading to 2,070 jobs being added. Globally, medtech companies are innovation trailblazers: now there’s an opportunity to take the lead and grow our R&D capacity. That’s why the Medtech Rising: CEO Conference this year will focus on innovation.

“In Ireland as many as 68% of FDI multinational medtech companies already have some R&D activity, employing 1,229 R&D professionals and investing €181 million annually. But with global R&D spend to grow 3.7% (CAGR) reaching $33.5 billion by 2022, it’s not just about growing our capacity. We need to focus on more sophisticated R&D and use our world class reputation to help businesses here assume responsibility for whole product portfolios and deliver better outcomes for patients.

“To do this it’s vital that we don’t lose our hard-earned competitiveness gains. Growing political and economic uncertainty with a US-EU tariff showdown and Brexit risks undermining sustainable growth. As many as 91% of medtech companies surveyed by Ibec have or are planning to put in place Brexit contingency plans to manage any disruptions it creates. Two thirds identified disruption of transit through the UK to the EU and customs barriers as a concern, while 40% said it would impact pricing and the level of imports from the UK.

Enterprise Ireland, Senior Development Advisor, Life Sciences Department, John Shiel: “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. It brings together global business leaders and experts and sets out the latest trends, while also giving the 500 attendees unparalleled networking opportunities with both start-ups and FDI multinationals in attendance. Irish start-ups continue to gain international attention and perform well with €102.55 million in financing raised by start-ups 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.”

IDA Ireland Head of Medical Technologies Rachel Shelly said: “With increasing political and economic uncertainty internationally, Ireland’s attractiveness as a location to do business is growing. Our positive, stable business environment and supportive government has enabled IDA Ireland to continue to grow the level of FDI investment here. We’ve seen €259 million in investments publicly announced in the last few years. These investors are establishing in Ireland to service their global networks, while others are growing their mandates and stepping up in the areas of new product and process innovation. This investment will drive long term sustainable growth for the sector. Medtech Rising will explore Ireland in the global context and offer CEO insights on new business models to ensure companies have the latest perspectives as they transform and build on their operations here.

To find out more, please visit www.medtechrising.ie

Event Platinum sponsors are KPMG; Gold sponsors, Bemis, SteriPack Solutions, Stryker, Teleflex Medical, Arthur Cox, Vistamed Freudenberg; Silver sponsors, Hanna Moore + Curley, Creganna Medical TE Connectivity; and Training partner, Irish Medtech Skillnet.