Med tech sector created 875 jobs and invested €170m last year

In 2011 the medical technology industry rolled out investment plans worth over €170m and announced 875 jobs, the industry said today as it revealed a new four year plan to create more jobs and bring in more investment.

According to the Irish Medical Device Association (IMDA), a business sector in IBEC, which published its four year strategy (2012 -2015) for the med-tech sector today, med tech companies in Ireland export €7.2bn worth of product annually and employ 25,000 people - the highest number of people working in the industry in any country in Europe, per head of population.

Recent reports published by IBEC show that during 2012 approximately half of all medical technology companies in Ireland expect to recruit additional employees and two thirds of medical technology companies expect turnover to increase during in the next five years.

 The ongoing investment and job creation reflects the vibrancy of the medical technology sector in Ireland according to Paraic Curtis, Incoming Chairman of the IMDA.

“The investment of approximately €170m is across a wide range of development, manufacturing and R&D projects. In total these investments will create almost 875 jobs in the coming years. 2012 has also started brightly," Curtis explained.

“In weathering the global economic downturn, the med-tech sector has become more productive, innovative and competitive, and will undoubtedly be a key driver of Ireland's export-led growth in coming years.

Ireland has the highest concentration of medical device businesses anywhere in the world outside of the US and to give you an indication of the kind of energy in the sector the year 2012 began with the news that 200 new jobs will be created by pharmaceutical giant Allergan as it invests €350m in its Mayo site to expand R&D and manufacturing capabilities.

“It is clear from the trends in the sector that Ireland is well placed as a global player in the medical technology sector and will be a major contributor to global healthcare and the global economy in years to come." Curtis concluded.

Story and image courtesy of siliconrepublic.com