As businesses are invited to apply for The Irish Medtech Awards 2018, the group have highlighted the top five trends to watch in medtech:
- 1. Value-based care and changing care pathways: Businesses are delivering better health outcomes with innovative technologies and working in new ways with hospitals to manage costs. An estimated 60% of payments to be tied to outcomes by 2020.
2. Cross-sector collaboration and empowered patients: The lines between medtech, biopharma and ICT are blurring with greater cooperation leading to the development of personalised technologies and new healthcare solutions. Tech businesses are now investing heavily in healthcare with Google’s Alphabet, Microsoft and Apple filling 300+ patents since 2013.
3. Advanced manufacturing and the factory of the future: Smart factories improve processes and products while reducing time to market for new innovations. In the UK for every £1 of government funding on the Catapult Centres there’s a £15 return on investment.
4. New business models and financing: The volume of M&As is decreasing while the value saw 178% growth with $49 billion in the first half of last year, while the value of venture deals grew 56% in the same period. For small companies that want to make it big, finance strategies need to adapt.
5. Regulations, innovation and patient safety: The EU Medical Devices and IVD regulations represent the biggest change in regulations for these industries in over 20 years. They have been developed to reflect changes in technology and ensure continued patient safety in this highly innovative sector.
Irish Medtech Association Director Sinead Keogh said: “Our vision is for Ireland to be a global leader in innovative patient-centred medical technology. In the past 25 years the industry here has been transformed. It’s gone from being the home to just 50+ medtech companies to becoming a globally renowned strategic base for 9 of the top 10 medtech companies, and of 450 medtech businesses here, 60% are homegrown.
“The medtech sector here has become an important driver of jobs growth right across the country with strong clusters in Cork, Galway, Limerick, Dublin, Sligo and Waterford. Bausch + Lomb Waterford, winners of the 2017 Company of the Year award are a great example with their $200 million-plus investment, 300 jobs and responsibility for new product development. Medtech Rising: The Irish Medtech Awards 2018 are a fantastic opportunity to bring together the key players from our global medtech hub to compete across six award categories and hear their success stories in Cork.”
Enterprise Ireland, Senior Development Advisor, Life Sciences Department, John Shiel: “The rapidly growing medtech sector is underscored by start-ups bringing innovative technologies to international markets and established companies expanding their global reach. The Medtech Rising: Irish Medtech Awards showcases their entrepreneurial and expansionary spirit and Enterprise Ireland is glad to continue to encourage leadership across the sector to help high potential start-ups get off the ground and established firms reach their full potential. Moreover, Medtech Rising is a rare occasion to bring together the full medtech ecosystem including, FDI multinationals, start-ups, contract manufacturers, designers, researchers and new connected health innovators.”
IDA Ireland Head of Medical Technologies Rachel Shelly said: “As one of the world’s top destinations for medtech investments, Ireland is a major player in this thriving industry with a proud past. While we continue to attract new global companies to invest here, and other FDI multinationals to expand their multi-site operations, we also continue to see strong export growth. Ireland one of the largest exporters of med tech products in Europe, with a relentless focus on operational excellence, competitiveness and innovation helping the sector to expand its reach. As new products, platforms, and services are created, we at the Medtech Rising: Irish Medtech Awards come together to put a spotlight on companies at the vanguard of this new era of growth, and how it supports evolving patient care.”
Applications can be made online by visiting www.irishmedtechassoc.ie/awards and the closing date for entries is Monday, 24 September.
Thank you to event sponsors, Platinum sponsors are KPMG; Gold sponsors, Bemis, SteriPack Solutions, Stryker, Teleflex Medical, Arthur Cox, Vistamed Freudenberg; Silver sponsors, Hanna Moore + Curley, Creganna Medical TE Connectivity; and Training partner, Irish Medtech Skillnet.