A mere two weeks after revealing plans to invest €91m in an R&D operation in Galway, Boston Scientific has reaffirmed Ireland as a top global location for R&D work by investing a further €21.7m in another R&D venture in Cork.
Medical devices manufacturer Boston Scientific Corporation (BSC) is to invest in a new research, development and innovation initiative (RD&I) at its Cork site, with support from IDA Ireland.
The Cork site will focus on the development of next- generation products to treat neurovascular diseases of the brain – including coils, intracranial stent delivery systems and access devices – and the research laboratory infrastructure to facilitate their path to commercialisation.
This investment is closely aligned to BSC’s corporate strategy of building a robust pipeline of RD&I projects across all of its businesses designed to maintain and extend its current market leadership positions, and drive profitable, sustainable growth.
In 2009, BSC expects that more than a third of its revenue will come from new product introductions.
“Boston Scientific employs 5,000 people in Ireland,” said Tanaiste and Minister for Enterprise Mary Coughlan TD. “This investment by BSC, a renowned global corporation and a reference life-science company in Ireland, is an enormous boost of confidence in the talent at its Cork site.
“It further endorses Ireland’s capability to support next- generation research, development and innovation at the vanguard of minimally invasive products. BSC has contributed very significantly to the Cork local economy since its establishment in 1998. This latest initiative will further enhance the site’s reputation within the parent corporation,” Minister Coughlan said.
New York Stock Exchange-listed BSC employs 25,000 people in 26 manufacturing, distribution and technology centres worldwide. It had revenues of US$8bn in 2008.
R&D spend in 2008 was 12.5pc of revenues – over US$1bn.
The president of BSC’s neurovascular business, Mark Paul, said the investment in centres of excellence by the Irish State is a cogent strategy that is attractive to industry.
“The commitment to RD&I, through the involvement of both the Government and IDA Ireland, has resulted in a growing international reputation for success in the development of new leading-edge products. The investment we are announcing today will continue to strengthen our company globally,” Paul added.
By John Kennedy
Caption: Boston Scientific Corporation’s headquarters in Natick, Masschusetts