12 February 2016
By Bryan T. Smyth
The Irish Medical Devices Association (IMDA), the Ibec group that represents the medical technology sector, today published an ambitious strategy for 2020: ‘The Global Medtech Hub’. During the recent economic crisis, the medtech industry continued to expand and experienced 7% export growth reaching €8.5 billion. This steady growth which accounts for 9% of all Irish exports has now been bolstered as the recovery takes hold in the domestic economy.
Cork based, James Winters, IMDA Chairman and VP, Manufacturing, Global Joint Reconstruction DePuy Orthopaedics Worldwide, said: “The global medtech industry is expected to reach €475 billion in 2018. Ireland may be a small country, but we’re a big player in the industry with 18 of the world’s top 25 medtech companies located here. The move to value-based healthcare is revolutionising the commercial model used by healthcare systems across the world. The industry in Ireland must now adapt to these changes, so that it can continue to compete and be a global leader. Advanced medical technologies allow doctors to make an early diagnosis of diseases such as cancer and reduce recovery times for surgeries. New innovations in medtech save and improve lives, but we must do more to adapt to changes in international markets to be a global medtech hub.”
IMDA has identified key priorities to ensure Ireland is innovating for future healthcare and economic growth, including:
- Drive our future: Identify and influence key areas of focus such as trade barriers, skills needs, and changes to the business environment.
- Achieve the potential of the cluster: Assist companies utilise the cluster to expand and achieve their potential developing new technologies from concept to market.
- Use technological innovations to help patients: Facilitate cooperation between sectors such as pharmaceuticals, biotechnology and ICT and realise the potential for advanced, additive and cell manufacturing.
- Nurture entrepreneurship: Develop policies and conditions to ensure entrepreneurship can thrive, such as facilitating new funding opportunities.