Monday, May 20, 2024

IDA Ireland launches “Where next for MedTech – Key considerations for the factory of the future” report

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IDA Ireland, the national development agency responsible for attracting foreign investment to the country, has announced the release of its comprehensive MedTech whitepaper entitled Where next for MedTech – Key considerations for the factory of the future.

With insights gathered from diverse industry experts, including World Economic Forum (WEF) Lighthouse companies DePuy and Janssen along with Bausch and Lomb, Baxter Healthcare and Cook Medical, to name a few, IDA Ireland says the whitepaper emphasises the continued acceleration of technology disruption and the opportunity for MedTech companies to embrace digitalisation and transformation to remain agile, resilient, and sustainable in a world of ‘uncertainty and complexity.’

“The global Medtech sector is absolutely committed to saving lives and enhancing patient’s quality of life. This demands a continuous focus on innovation, requiring companies not only keep pace with evolving patient needs but also new technologies. World leading companies need to be flexible and agile to adapt quickly to emerging global trends and challenges in order to remain competitive,” said Rachel Shelly, Global Head of Life Sciences at IDA Ireland.

The whitepaper outlines how Ireland has built its reputation as an ‘exemplar’ for MedTech advancement, offering an ecosystem that IDA says encompasses innovation, focuses on talent, and is committed to supporting client sustainability and digital transformation.

One example of this according to the agency is Digital Manufacturing Ireland (DMI), a newly launched national centre of excellence established by the Irish Government to assist Irish-based manufacturers in rapidly adopting digital technologies to transform value chains.

One such initative within DMI is is the Visual Cognitive Manufacturing Group (VCMG), where sixty organisations have united to promote the implementation of vision technology. Domhnall Carroll, CEO of DMI said: “The synergy between manufacturing companies, technology firms, academia and the DMI team ensures that all the necessary components for a successful outcome are readily available, fostering a cohesive and effective collaborative environment.”

The centralisation of commercial business in Ireland is outlined in the whitepaper and contributes to operational efficiencies and economies of scale by tapping into deep and diverse talent pools located there according to the agency.

Michael Murphy at Boston Scientific adds that collaboration with universities is key: “The company is working with universities in the West of Ireland to help increase the knowledge base and shape the courses that will generate the next wave of technical skills coming into the sector.”

IDA Ireland says that positioned as a globally recognised MedTech centre of excellence, Ireland emerges as a strategic location in the report, offering essential stability, talent, and an ecosystem for helping companies drive competitiveness and innovation towards the next level.

The full report can be found here.

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