In a world where no-one can predict the future with any certainty, the profession of economics imposes the burden on its practitioners of regular forecasting and modeling.
At Ibec, that burden is mitigated somewhat by its role as Ireland’s largest and most influential business lobby and business representative group. Because its members employ c. 70% of private sector workers in the country, Ibec has access to a powerful data flow.
It was through this understanding of the Irish economy that Ibec CEO Danny McCoy as far back as 2010 predicted that not only would Ireland recover from recession and a banking crisis, but it would return stronger than before.
Today, Ireland is a wealthy society with one of the best performing economies in the EU.The Irish business model is a globalised one, benefitting from the rise of the intangible economy.
In making a forward looking assessment, Danny will share his understanding of the dynamics underpinning Ireland’s growth story.
Danny is CEO of Ibec, a position he has held since 2009. Prior to that he was Senior Economist with both the Economic and Social Research Institute and the Central Bank of Ireland. He has had an extensive academic career including holding positions at Dublin City University, University College London, University of Oxford, and Trinity College, Dublin.
In 2019, Danny became President of the Statistical and Social Inquiry Society of Ireland and is also currently an Honorary Follow of the Academy of Engineers, a member of the Export Trade Council and the OECD-BIAC working group on global corporate taxation.
Ireland – a global hub for MedTech
The rise of MedTech is one of Ireland’s most successful businesses stories. Second only to Minnesota internationally as a hub for the sector, nine of the top 10 Medtech companies globally have a presence in Ireland and clustered around which is found a thriving indigenous sector. In total, there are approximately 450 Medtech firms in Ireland, 60% are of which are indigenous.
The statistics are highly impressive: one in three contact lenses, three in four artificial knees and four in five stents are made in Ireland.
The key to Ireland’s rise in MedTech can best be encapsulated by three words: Talent, Productivity and Innovation. The sector has prospered and developed through a focus on attracting and retaining talent, both domestic and from overseas. It has grown to be a world leader by being competitive and driving manufacturing and product innovation.
Ibec supports sectors such as MedTech and business in general by developing a policy focus incorporated in its campaigns, such as Ireland: A Model of Substance; Better Lives, Better Business; and Smarter World, Smarter Work.