Medtech on the rise
“In the past 25 years, the medtech sector has gone from a burgeoning industry to a global powerhouse,” says Irish Medtech Association Chair and FIRE1 CEO Conor Hanley. “In that time, the number of companies has increased from 50 to 450+, and exports have quadrupled to €12.6 billion,” he adds.
“This success has been accelerated in the past couple of years with more than €316 million in investments and 2,300 jobs publicly announced in the sector, and €178 million finance raised by startups.”
KPMG Tax Director Mary McGinley says, “Having been involved in the medtech sector since the late 70s, KPMG advises start-ups to multinationals, and supports third-level innovation programs, fundraising, international expansion and M&A activity. The medtech landscape will look different in 2030 as the digital, medtech engineering and communications functions blend – all areas where Ireland already excels. With a relatively small but very open business environment, we are well positioned to be leaders in this new medtech industry environment.”
Irish Medtech Association Director Sinead Keogh says that we are already seeing major disruption, both in terms of innovation and the business model. “Smart factories are improving processes and products, while reducing time to market for new innovations by medtech companies, and patients are becoming empowered by innovations from the cross-sector collaboration between medtech, biopharma, and ICT. Additionally, value-based care is putting the focus on medtech solutions rather than products with an estimated 60pc of payments to be tied to patient outcomes by 2020. Lastly, new business models and financing is seeing the volume of M&As (mergers and acquisitions) decreasing while the value is increasing steadily.”
Keogh adds, “Irish companies are well placed to make the most of new opportunities. Today, we’re calling on medtech organisation to share their success stories with us by entering the 2019 Irish Medtech Awards. There are some fantastic examples from past winners like Bausch + Lomb, which won following a major $200 million investment by its parent company to expand the Waterford site. Medtronic’s Galway facility with a proud 30+ year history with a vision for the future and a state-of-the-art Customer Innovation Centre. And, Abbott Diagnostics Longford won for its ‘Becoming World Class’ programme driving continuous improvement.”
According to Enterprise Ireland Head of Lifesciences Sector Deirdre Glenn, homegrown companies are now playing a bigger role driving growth and creating jobs, “with start-ups standing out by developing life transforming technologies that are reaching international markets”. Glenn says, “We’re delighted to be a part of Medtech Rising and the Irish Medtech Awards to help bring these companies together to share their stories.”
IDA Ireland’s MedTech Division Manager Rachel Shelly says: “The Irish Medtech Awards are a great way to recognise companies both big and small, that collaborate and innovate every day to grow this thriving industry. Medtech in Ireland is worldclass, not just because of the strong business environment, but also because of breadth, depth, ambition and relationships across the entire Medtech ecosystem.”
Medtech Rising: The CEO Conference and Awards, which is hosted by the Irish Medtech Association, Enterprise Ireland and IDA Ireland, will bring global leaders to Galway, 4th-5th December. The hosts are now calling on medtech organisations to enter the Irish Medtech Awards 2019 across the six categories: Medtech Company of the Year; Emerging Medtech Company of the Year; Academic Contribution to Medtech Award; eHealth Innovation of the Year; Medtech Partner/Supplier of the Year; and Best Value of Medtech Campaign. You can find out more on www.medtechrising.ie.
Lastly, the Irish Medtech Association, Enterprise Ireland and IDA Ireland would like to thank Platinum Sponsors KPMG; Gold Sponsors, Bemis Healthcare Packaging Europe, Teleflex, VistaMed Freudenberg Medical, Kuehne + Nagel, and SteriPack Contract Manufacturing; as well as Silver Sponsors, Creganna Medical part of TE Connectivity, Hanna Moore + Curley, and the Irish Medtech Skillnet.
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