Half of world’s med-tech purchasing power descends on Ireland

23 Oct 2013

More than half of the combined purchasing power of the medical-devices industry is in Ireland today at the Enterprise Ireland Med in Ireland conference. Some 340 buyers, including those from the world’s top 10 med-tech firms, are evaluating Irish med-tech players in Dublin today.

Speaking to more than 800 international guests, Enterprise Ireland’s chief executive Julie Sinnamon pointed out that sales in Ireland’s life-sciences sector now exceed US$1bn.

As a small country, Ireland has been able to bring together highly innovative indigenous companies, large well-established FDI multinationals, a continually developing world-class research base and strong links with the clinical community to create this rich and convergent landscape with world-class expertise across key sectors such as biopharma, med tech and ICT, she said.

“This ‘cohesiveness’ is now a key competitive strength internationally and Enterprise Ireland has organised Med in Ireland 2013 to capitalise on this and facilitate new strategic partnerships between Irish and international companies,” said Sinnamon.

Showcasing Ireland’s edge in med tech and life sciences

Jobs, Enterprise and Innovation Minister Richard Bruton, TD, also officially opened the technology exhibition, where the majority of the business will take place. Eighty-one Irish companies are showcasing their products and services to international buyers and engaging in 1,200 one-to-one partnership meetings scheduled by Enterprise Ireland with a view to doing business.

These meetings are building on progress made during 150 site visits to Irish med-tech companies which took place in recent days.

“Medical technologies is a sector targeted as part of the Government’s Action Plan for Jobs, and it is crucial that we not only pursue further multinational investment in this sector but also provide support for the growing number of Irish companies in this area,” Bruton said.

“Irish life-sciences companies employ 6,700 people, up 42pc since 2006, and through our plan we are putting in place measures to grow this further.

“Today, Enterprise Ireland has brought many of the world’s leading medical technologies buyers, including companies representing over 50pc of the world’s purchasing power in this sector, to Ireland to see the quality of the products and services offered by Irish companies.

“I am quite sure that our high-performing companies will be well placed to take full advantage of this opportunity, and wish them every success with their efforts,” Bruton said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years