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A formula for competitive advantage for Irish medtech
December 2, 2021 @ 2:00 pm - 3:15 pm
Medical technologies, invitro diagnostics and digital solutions are used for the prevention, diagnosis, monitoring, and treatment of disease and other conditions. The importance of this life changing industry has been highlighted by Covid-19 with Ireland standing out as one of the top 5 producers of Covid related products. The Covid-19 pandemic has accelerated change with the adoption of new technologies and new business models. Under Covid-19 digital health solutions development and deployment into health systems has been fast-tracked. The OECD has noted that the Covid-19 pandemic has highlighted the importance of international trade and interdependencies. No one country can produce all the goods it needs. Subsequently, supply chain visibility, efficiency, and resilience has come to the fore. With tax and regulation advantages under pressure, and increased competition for the required talent, new differentiators must be exploited.
Ireland is a good place to start and grow a medtech business. Since the early 1990s, the number of medtech companies in Ireland has risen from 50 to more than 450 as we’ve evolved into a high-tech, global medtech hub. We have become established as a location of choice for business and a gateway to the world’s second biggest medtech market, Europe, which is worth €120 billion. Ireland is well positioned to build on its success and achieve new heights by gaining a greater share of the global medtech market which is forecast to grow 4.4% (CAGR) annually with sales expected to reach over €508 billion by 2023. However, to reach our potential we need to maintain our competitiveness and ensure we have the right business environment, as well as foster collaboration between adjacent LifeSciences and technology industries. This panel of experts will explore how Ireland can continue to compete and retain its position as a world leading medtech centre of excellence.