Rachel Shelly, Head of Medical Technologies, IDA Ireland shares why American Medtech Companies should be looking to Ireland as a resource
While the American medtech industry is thriving, it still must deal with challenges that include higher production costs, finding skilled staff and the ongoing issues innate to a highly regulated sector. Then there are global concerns such as competition, funding and the high cost of research.
With Europe and the United States being the key markets, many U.S. medtech firms have located some of their operations in Ireland in order to take advantage of an established, flourishing life sciences sector, strong governmental support and easy access to the lucrative European market. Among the more than 300 companies with Irish facilities are Boston Scientific, Abbott, Vistakon, Medtronic, Teleflex, Stryker, Cook Medical, Zimmer Biomet, DePuy Synthes, Hollister, and BD. The medtech field in Ireland employs more than 32,000 people, which is the highest per capita in Europe. One-quarter of the world’s diabetics — 30 million people — rely on an injectable device manufactured in Ireland, while half of all ventilators used by acute hospitals worldwide are also made there. Meanwhile, three-quarters of global orthopedic knee products were produced in Ireland.
There are several important reasons why American medtech companies have been choosing Ireland as their European base of operations, benefiting from Ireland’s manufacturing expertise, R&D facilities, pool of trained workers, data analysis skills, collaboration between companies, financial advantages, and regulatory advantages.
This article, by Rachel Shelly, Head of Medical Technologies at IDA Ireland, explains each of these benefits and why more American medtech companies should be looking at Ireland.
Click through to read the article.
