Innovation with impact
The average medtech worldwide R&I investment rate (R&I spending as a percentage of sales) is estimated to be around 8% in the medtech sector.
Products typically have a lifecycle of 18- 24 months before an improved product becomes available. The annual European Innovation Scoreboard shows that amid increased innovation performance across the EU, Ireland remains a “Strong Innovator” as one of the top ten most innovative Member States, performing above the EU average. As the global trading environment becomes more competitive, the ability to innovate will help business to build resilience to such challenges. Boosting Ireland’s overall capacity for innovation must remain a national priority. Medtech is arguably the most innovative sector in Europe with more than 14,200 patent applications were filed with the European Patent Office (EPO) in 2020, representing a 2.6% growth compared with the previous year. The Irish medtech community has been a driver of this innovation with patents granted to Irish companies almost doubling from 2017 to 2020 making it stand out as fifth in the world for medical patents, per capita.
We will help sustain and evolve Irish medtech as a globally competitive innovation cluster that differentiates itself through the delivery of high-quality products and services supported by excellent customer service.
To achieve this we will:
- Embed innovation methods across an integrated and agile ecosystem.
- Support innovative product development through facilitated collaboration.
- Build collaboration with data driven services.
- Reinforce industry integrity and high ethical standards through the implementation and adoption of the Irish Medtech Code of Ethical Business Practice.
- Enhance the value-add focus of Irish medtech to produce the highest quality products and services for customers globally.
- Support companies to differentiate Ireland as an attractive location for whole product portfolios - in part - by building on our 2019 “Realising your R&D Ambition” strategy.
We will develop an end-to-end funding, investment and commercialisation structure to provide support throughout the innovation lifecycle and create sustainable value for both Irish and international organisations.
To achieve this we will:
- Clearly communicate the incentives, funding support and tax credits required for business and support the funding ecosystem to sustain and attract business.
- Identify all relevant state and private investor funding sources in Ireland and lobby for a more transparent and complete solution to access capital.
- Engage with funding stakeholders to promote the complexity of medical technologies developed in Ireland and their unique innovation lifecycle needs.
- Support medtech start-ups and SME businesses to increase access to exit strategy options and facilitate collaboration with funding and investment organisations.