Report reveals 74% of medtech businesses plan to increase R&D in Ireland
The Irish Medtech Association, the Ibec group that represents the medtech sector, launched ‘Realise your R&D ambition: Guidebook for Irish medtech companies’ report which was co-funded by the Irish Medtech Skillnet, conducted by Technopolis. Ireland is one of the best locations in the world for manufacturing with 450 medtech companies here employing 40,000 people. The medtech sector in Ireland has added more than a half a billion in investment and financing in the past 12 months. The industry now has the ambition to leverage its success as a global medtech hub with a vision to grow the level of R&D in Ireland.
Irish Medtech Association Director Sinead Keogh said: “Investment in R&D is a driver of innovation, supports competitiveness, and helps medtech businesses achieve their potential. To support R&D uptake, the Irish Medtech Association brought members together through a series of workshops nationally, in-depth interviews and surveys with senior professionals with responsibility for R&D. The companies which participated represent over 75% of people employed in the medtech sector. The results revealed that in the last five years R&D activity has increased for over 73% of medtech companies in Ireland. When talking about the future, more than 74% of medtech companies expect their R&D activities to increase.
“To help companies effectively acquire, secure and excel in global R&D from Ireland, the Irish Medtech Association, worked with Technopolis, with support from the Irish Medtech Skillnet, to develop a special 7-step process set out in the ‘Realise your R&D ambition’ report to turn their vision into a plan, form a winning team, and use their successful track record to identify their value proposition and enhance their R&D capabilities.”
Irish Medtech Association Board Member and Stryker Neurosurgical VP R&D David Tallon said: “New products and processes can help companies position themselves for success. The Irish Medtech Association’s goal is to help companies increase the level of sophistication and complexity of their R&D activities, and expand their mandate to include R&D ownership for complete market segments and global product portfolios. We’re proud to publish the ‘Realise your R&D ambition’ report to guide companies on their R&D journey.”
Skillnet Ireland Chief Executive Paul Healy said: “Medtech is amongst the most innovative sectors in Europe constantly developing new disruptive technologies that are transforming lives. The Irish Medtech Association and Irish Medtech Skillnet R&D survey shows that Ireland performs well in factors such as skills availability, political environment and market access. Expanding Ireland’s R&D capabilities within medtech will not only provide a boost to further innovation of the sector, it will also open up new career opportunities for medtech professionals and help attract more talent to Ireland.”