[Image from Ainars Djatlevskis on Unsplash]
The foreign direct investment agency for Ireland has some of the biggest names in medtech investing in the country.
Within recent years, a number of major medtech companies celebrated anniversaries. Abbott’s was 70 years, Medtronic’s was 40 and Boston Scientific’s was 25.
That’s how long those companies have operated in Ireland.
Gerard Kilcommins, Medtronic VP of global manufacturing, vascular therapies and implants and country director in Ireland, said in a report earlier this year that its 40-year anniversary represents “an important milestone” in the company’s history.
“Our sites in Ireland have played a significant role in Medtronic’s evolution from medical device manufacturer to a global leader in healthcare technology,” Kilcommins said in July.
Each of those three companies, plus many more big names in medtech, choose Ireland for a broad range of investments. IDA Ireland — the foreign investment arm for the Irish government — aims to attract those companies and help them grow within the country.
“We create long-term sustainable, successful employment and investment in Ireland,” Rachel Shelly, head of medical technologies at IDA Ireland, told MassDevice. “We have a very long track record of working with multinational companies. In the first instance, we encourage them to come and set up in Ireland, and after that, it’s helping them to really grow, build and transform their operations over time.
In total, IDA Ireland supports about 1,600 multinational companies that actually employ around 275,000 people. A third of those companies have been in Ireland for more than 20 years.
Medtech investments in Ireland have boomed
Medical device companies have been fierce in their Irish investments of late. Recent examples include:
Why Ireland?
Shelly laid out a few reasons for choosing Ireland. That includes its track record, talent pool and an open economy and ecosystem.
The anniversaries celebrated by Abbott, Medtronic and Boston Scientific highlight the success of their Irish operations, she explained.
“That gives companies an awful lot of comfort when they set up an Ireland — that they’re in a very trusted location with very good knowledge and very good performance, particularly because it’s such a highly regulated industry,” said Shelly.
Shelly called the Ireland education system “probably one of the best in Europe.” Coupled with a young population, she said there’s a constant stream of new talent coming through.
When sharing news of a site expansion in Ireland earlier this year, John Lynch, plant leader, J&J Vision Care Ireland, called it “an incredible opportunity to join a diverse workforce made up of the best and brightest minds, delivering cutting-edge …….