- Opportunities and challenges for sector discussed at Cook Medical business breakfast celebrating pan-European ‘MedTech Week’;
- The medical technology (MedTech) sector in Ireland employs 38,000* people and is worth €12.6* billion to the economy;
- The Mid-West is home to 43 MedTech companies in Ireland, 26 of which are in Limerick;
- Sustained business and government investment will ensure Mid-West’s attractiveness and global competitiveness is maintained.
The Limerick and Mid-West region is a thriving hub of innovation for companies in the medical technology (MedTech) sector and sustained investment through regional development plans and business support networks will ensure it remains competitive and attractive. Today, opportunities and challenges for the future of the Mid-West MedTech sector were discussed with MedTech leaders.
Hosted by Castletroy-based global MedTech company Cook Medical, ‘Celebrating Medtech in the Mid-West’, is part of MedTech Week, a Pan-European initiative to promote the value of life-changing medical technologies.
“Cook Medical has called Limerick home since 1996. In that time, we have seen Ireland develop into an epicentre of MedTech innovation and one of Europe’s leading Medtech hubs,” said Bill Doherty, Executive Vice President EMEA at Cook Medical. “The Mid-West has been part of this development but can play an even bigger role in the future.”
In recent years, the Mid-West has welcomed a number of global multinationals in and the region has become home to 43 of Ireland’s top medtech companies. Today, the MedTech sector is recognised as one of Ireland’s emerging global industries, employing over 38,000* people and generating approximately 10 percent of overall Irish exports, worth €12.6 billion* to the economy.
Attendees and keynote speakers discussed the future of MedTech in the Mid-West and globally, as well as the challenges and opportunities present for SMEs and other multinational businesses in the region.
“European MedTech Week is the perfect platform to showcase the innovative products and services being developed by MedTech companies in the Mid-West of Ireland.
It’s an opportunity to explain the importance of MedTech to society in general and its role in promoting the health and wealth of citizens,” Doherty continued. “It also gives us an opportunity to reflect on the wider business landscape of the Mid-West and discuss what we can do to further encourage business growth and attract more MedTech companies to the region. Recently, inbound investment into the Mid-West has increased, which is positive for the future development of the region. Through continuous dialogue with government, the relevant authorities, educators, local businesses and our industry peers in the Mid-West, we hope to encourage and sustain a strong pipeline of investment into the region.”
Why do global companies locate to the Mid-West and Limerick?
Limerick is Ireland’s third-largest city. It is growing at pace with a population of over 191,000 people, 42 percent of whom are under the age of 30. Limerick is also well-serviced by road, rail and air, with Shannon Airport and the M7 and M18 motorways providing direct links to national and international destinations.
Limerick is also home to three of Ireland’s most prestigious third-level academic institutions: University of Limerick (UL), Limerick Institute of Technology (LIT) and Mary Immaculate College (MIC), which offer a range of undergraduate and postgraduate study programmes to support business growth.