IMDA lays out plans to make Ireland a “global medtech hub”
A new four-year strategy designed to consolidate Ireland’s position as a hub for medtech companies has been unveiled by the Irish Medical Devices Association (IMDA), the Ibec group that represents the sector.
At the launch of the strategy in the Royal College of Surgeons Ireland (RCSI) last night (11 February), the IMDA spoke of the need to stay ahead of the crowd in order to stay competitive in a market that is expected to be worth €475bn by 2018.
IMDA director Sinead Keogh said “the business model for medtech firms was fast becoming obsolete because of advancements in technology”, and that “the hospital model, in terms of procurement, will have to adapt as it will need to be able to evaluate innovative technologies and the data analytics that come with them”.
Dr Keogh also wants to see the establishment of a small business innovation fund, whereby a certain percentage of the State’s healthcare budget is set aside for start-ups and SMEs to get their products into the health system.
The Irish medtech industry employs 27,000 people, making Ireland the second-largest medtech employer in Europe on a per capita basis, second only the Switzerland.
The State is also the second-largest exporter of medical technologies in Europe, with 18 of the world’s top 25 companies located in Ireland.
