More than 400 senior leaders from the global healthcare industry participated in Enterprise Ireland’s Med in Ireland conference on November 3rd and 4th. They were joined by more than 80 leading Irish medtech companies who took part in more than 500 one-to-one meetings with potential customers during the two-day event.
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Under the theme “Medtech’s Big Moment”, the event aimed to showcase Ireland’s medtech industry to an international audience and connect Irish innovators with overseas healthcare providers.
Held virtually for the first time, Med in Ireland focused on some of the major industry shifts which are shaping the post-pandemic healthcare world. These include the move to preventative care, the role of digitalisation in the shift to healthcare outside of hospital settings, the emergence of technologies that reduce environmental impact and improve competitiveness, and the development of new distribution and inventory management models to address supply chain weaknesses.
“Med in Ireland is a hugely important event for international healthcare providers and manufactures to engage with Ireland’s medtech industry,” said Minister of State for Trade Promotion Robert Troy. “The sector is hugely important for the Irish economy, employing 45,000 people. It is also making a major contribution to the transformation of international healthcare.”
The Minister also pointed to the key role played by the Irish industry in the global response to the Covid-19 pandemic. “Ireland quickly became a major player responding to the pandemic and was ranked fifth globally for exports of Covid-19-related goods and services by the OECD,” he said. “As Covid-19 took hold on the world, almost immediately we saw Irish companies respond with agility and innovation to pivot in response to the needs of the healthcare industry, to deliver new, innovative products and services to combat Covid-19 internationally.
“We saw companies develop a range of technologies to tackle the critical needs of the healthcare industry including how to rapidly increase supply of PPE, to developing systems to remotely monitor patients in their home as well as for the track and trace of Covid-19. Years of both government and industry investment has fuelled the resilient response to the pandemic and created a concentrated community of innovation and expertise within Ireland that is breaking new ground in healthcare.”
Collaboration
Stephen Creaner, executive director with responsibility for the industrial, life sciences, research and innovation divisions within Enterprise Ireland, highlighted the importance of innovation and collaboration. "The challenges that healthcare globally faces, now more than ever, need innovation and integration," he said. "Ireland has proven to be a reliable partner for innovation and across the world Irish medtech companies are working with global manufacturing companies and healthcare providers to deliver the next groundbreaking, innovative products and services to improve patient experiences and outcomes. Enterprise Ireland puts a strong focus on driving this innovation agenda in the medtech industry and facilitating successful partnerships between indigenous Irish companies and influential global healthcare systems and medtech manufacturers."
This has resulted in Ireland's medtech industry attracting the attention of leading US and UK healthcare partners such as Northwell Health, the AdventHealth System of Florida, Beth Israel Lahey Health and the NHS.
“Global medical device companies such as Medtronic and LivaNova are also working closely with many Irish companies,” Creaner added. “These renowned global partners have been impressed by Irish talent, and they look to Ireland to co-develop and commercialise future healthcare solutions. Ireland is seen as a trusted source of innovation.”
The event also marked the renewal of Enterprise Ireland's strategic alliance with New York-based Northwell Healthcare. "After a successful collaboration, which has led to Northwell investing in a number of Irish medtech companies over the past five years, I am delighted to welcome the extension of this partnership announced today," he said.
The conference also featured a panel discussion which explored a number of areas including digitalisation, sustainability and supply chain disruption. Lorna Ross, chief innovation officer with VHI Health & Wellbeing, led the discussion and she was joined by Prof George Crooks, chief executive officer of the Digital Health and Care Innovation Centre in Scotland; Marie O’Malley, former senior director of supplier outreach at Medtronic; Omar Hamadeh, general manager at Bassam Trading Company of Saudi Arabia; and Vittorio Morizio, vice-president of research and development at LivaNova.
“The complexity of the challenges facing the medtech industry can only be resolved when all parts of the system come together,” said Ross.
Societal issues
In a wide-ranging discussion, the panellists explored areas such as how digital health solutions can address societal issues but also promote economic growth in the areas which embrace them; how the industry can adapt to changes to highly complex supply chains; and how it can reduce its environmental impact at the same time as meeting increased patient demand for more precise, targeted and individualised care.
The panel discussion was just one component of Med in Ireland. “The real sweet spot with Med in Ireland is where we match potential overseas customers with Irish companies which can provide innovative solutions to their problems,” said Deirdre Glenn, head of life sciences with Enterprise Ireland. “This is not an exhibition where stand-holders just sit there and hope customers will come to them. Enterprise Ireland has arranged hundreds of one-to-one meetings across the two days and we ensure that there is a close match between the Irish companies and their potential customers.”
According to Glenn, those customers registered for Med in Ireland because they want to connect with the immensely strong cluster of world-class and highly innovative Irish medtech firms spanning medical devices, diagnostics, manufacturing and digital health. “These firms have helped make Ireland a globally recognised centre of excellence for the industry and a location of choice for the design, research and development, prototyping, manufacture and marketing of highly innovative medical products and services,” she added.
The success of the Irish medtech sector is firmly based on its research capability, with the latest data showing that government grants are responsible for 70 per cent of Irish medtech companies engaging in research and development activities.
"There is a comprehensive range of State supports in place to assist the industry," Creaner concluded. "This includes a network of State-funded research centres which spans capability from fundamental science and technology to advanced manufacturing, which are being co-ordinated under the Future Manufacturing Ireland initiative by my own department. Further supports driving digital transformation, innovation and sustainability are also administered through the enterprise agencies Enterprise Ireland and IDA Ireland. "