Ireland is uniquely well placed to become a leader in the burgeoning field of digital health. “With nine of the world’s top 10 medtech companies, 10 of the top 10 tech companies and 10 of the top 10 biopharma companies all having a base here Ireland has a significant opportunity to differentiate itself as a centre of excellence for innovation in digital health,” says Sinead Keogh, director of Ibec’s medtech and engineering sectors.
Digital health spans a wide range of areas including technologies, platforms and systems that engage consumers for lifestyle, wellness and health-related purposes; devices that capture, store or transmit health data; and others that support life science and clinical operations. These new technologies and systems have the potential to improve patient outcomes at the same time as reducing healthcare costs by enabling faster diagnosis and allowing more people to be treated at home rather than in hospital and other healthcare settings.
“The demand for the adoption of digital health, which is the intersection of healthcare and technology, has been accelerated as a result of Covid-19, in particular in the context of healthcare delivery,” says Arthur Cox associate Bridget Clinton. “For example, we have seen a significant increase in the use of telemedicine, remote care programmes and the issuing of electronic prescriptions. Digital health and connected health technologies offer vast opportunities for identifying healthcare needs and delivering healthcare – from prevention and diagnosis to interventions and self-management. Ireland has the potential to become a test site for the innovation, development, manufacture and commercialisation of next-generation technologies and a global leader in digital healthcare. ”
It is also a very attractive sector from an economic perspective, according to Aoife O’Sullivan, head of network development and Innovation with Skillnet Ireland. “Experts estimate that the global digital health market will exceed €300 billion by 2024,” she notes. “Closer to home, the HSE’s 2020 national service plan included an ICT capital allocation of €95 million, a figure that has been growing year on year. Ireland’s long-standing relationship with multinational companies, our reputation as a premium digital hub across multiple sectors and our highly skilled workforce will undoubtedly put the country in a strong position to take advantage of the opportunities available.”
Why an SSE Airtricity energy audit was a game changer for Aran Woollen Mills on its net-zero journey
Getting solid legal advice early in your company’s journey is invaluable
Water pollution has no one cause but many small steps and working together can bring great change
Empowering women in pharma: MSD Ireland’s commitment to supporting diverse leadership
Barry Scannell, a consultant in William Fry’s technology department, thinks Ireland has already established itself as a leading location for digital health investment. “Ireland is the second-largest exporter of medical devices in Europe and 8 per cent of our exports are medtech,” he says. “As the economy becomes more digitalised there has been a natural pivot towards digitalisation, particularly in the medtech, pharmaceutical and tech areas.”
The value of these companies lies in their intellectual property, and Ireland is recognised internationally as a best-in-class jurisdiction for IP, he adds.
“With Ireland already an international hub for major tech headquarters, with a favourable tax regime and an extraordinarily talented pool of workers and graduates, this natural pivot towards increased digitalisation has occurred seamlessly,” Scannell continues. “For example, a November 2019 LinkedIn report identified Ireland as having the highest concentration of AI talent per capita in Europe.”
And Ireland is well placed to deal with the challenges that may arise. “There will invariably be challenges that come with digital transformation in the healthcare sector, including in relation to meeting supply and demand needs for new health technologies as well as cybersecurity risks and the need to ensure that patient privacy is protected,” says Clinton. “However, provided there is appropriate regulation and continued collaboration and engagement between stakeholders, Ireland is well placed to deal with challenges that may arise.”
But there are other issues which need to be addressed, according to Scannell. “The most obvious weakness for Ireland as a leading location for digital health investment is the cost of living in this country,” he says. “Affordability of housing in Dublin in particular may be an obstacle for attracting talent.”
Keogh believes there is a need for a cohesive national strategy to capitalise on the opportunity presented by digital health. “Earlier this year the Irish Medtech Association and Biopharmachem Ireland came together to draft a position paper for government which called for a national health technology strategy for Ireland. The life sciences sector accounts for two-thirds of the country’s exports yet there is no national strategy for it. Competitor countries like France, the UK and Israel are all doing this. Having a such a strategy in place would give us a roadmap to promote collaboration between the different parts of the ecosystem.”