Medtech ambition to make Ireland prime commercial hub
The Irish Medtech Association, the Ibec group that represents the sector, will present the results of the first major survey on the domestic sector's commercial capabilities at a special event on strategic marketing today in the Castletroy Park Hotel, Limerick. The survey was funded by the Irish Medtech Association Skillnet programme. This exclusive one-day event for CEOs, CTOs and senior sales & marketing professionals will set out the Irish medtech sector's future strategy, as well as business case studies by leading companies.
Irish Medtech Association Senior Executive Adrienne McDonnell said: "It's great to see that nearly two out of three medtech companies have commercial capabilities in Ireland, with three out of five of these companies having multiple people working in sales and marketing. In addition to a growing number of indigenous medtech companies, Ireland is home to nine of the world's top 10 medtech companies, with a third of FDI multinationals planning to either expand or introduce commercial operations in Ireland. This is not only expected to drive increased sales, but also catalyse R&D growth, with companies looking to identify more opportunities for early stage product development and market gaps.
"The Irish Medtech sector now has a world class reputation in operational excellence, as recognised through honours awarded such as the prestigious Shingo Prize*. As it continues to outperform other European countries, the sector must now strive to replicate this success by becoming the location of choice for sales and marketing.
“As many as eight out of ten companies surveyed said they strongly agree that positioning Ireland as the prime location for sales and marketing is important for medtech competitiveness. Growing this strategic area will help Ireland to tap into a greater piece of the global medtech market, worth €475 billion by next year, with annual growth of 5.5%."