Ireland, a catalyst for the Rise of the MedTech industry.
The medtech industry is a major success story in Ireland that continuously sees demand for its services across all sectors. With this said, the team at Matrix Recruitment is seeing a vast range of roles coming from both Medical Devices and Pharmaceutical industries from all around the country due to continuous demand for such roles.
Ireland’s reputation as a global hub is well established with 18 of the world’s top 25 medtech companies based here and according to figures from the IDA, the number of companies has increased from 50 in the early 1990s to well over 450 in 2018. Not surprisingly, this growth has resulted in the medtech industry in Ireland being regarded as one of the primary emerging hubs globally.
To put things into perspective for you, here are some facts:
- Ireland is one of Europe’s largest medtech hubs employing over 29,000 people AND is one of the largest exporters of medical devices in Europe
- 60% of the Irish medtech industry is indigenous (originated in Ireland)
- 18 of the world’s top 25 medtech companies have a base in Ireland
- The annual value of Irish Medtech export is €12.6 billion
- Ireland is ranked 14th internationally for quality of scientific research
So clearly Ireland is one of the world’s favourite nesting places, but why? Could it be our Irish humour, our Irish luck or our Irish coffee? They certainly contribute, but here are the real reasons we continue to attract global companies:
Highly Skilled Workforce
MSD once said “Ireland’s skilled workforce will keep multinationals here” – well they were right!
According to IDA Ireland, the country is ranked number one globally for the employability of its graduates. Recognised as a centre of excellence for education in Europe, over 35,000 international students across 160 countries choose to study in Ireland. These are huge numbers and from an economic perspective, they directly impact the growth of the medtech industry in Europe.
Accessibility to Europe
By establishing manufacturing operations in Ireland, the medtech industry has greater geographical proximity to mainland European markets, as Ireland provides them with a footprint in one of their priority markets. Five of the world’s eight top selling drugs are produced in Ireland, making it the world’s largest net exporter of pharmaceuticals and a globally recognised centre of excellence in pharma.
Another big pull factor would be the speed a product can be brought to market in Ireland – it is estimated that in the U.S it can take up to 5 years longer that it does in Ireland – with Ireland having no extra regulations or compromise. Given the industry is ever-changing and full of innovation, this is a major plus!
The Tax Foundation tells us that the average corporate income tax rate in the EU is 22.4%. Ireland’s corporate tax rate is 12.5%, making it the lowest statutory corporate tax rate in the world. As expected, this rate compares favourably against other European and Non-European countries.
As if that isn’t competitive enough, Ireland also offers a 25% tax credit on qualifying research and development. These competitive tax rates act as a further incentive for multinational medtech companies to establish themselves in Ireland.
There’s an abundance of help for companies who want to start-up in Ireland. There is a specific organization set up to support foreign direct investment called IDA Ireland. They do everything in their power to help the companies see Ireland as their future home.
From flying the potential investors over here, to collecting them at the airport, setting them up in a hotel and showing them all there is to offer – they cover absolutely everything. We’re lucky to have such a stable and dedicated organisation to help us get these medtech companies to invest here. It makes all the difference.
Another organisation set up to help companies in Ireland is Enterprise Ireland who is responsible for the development, promotion and growth of Irish enterprises here and in world markets.
As well as helping them set up, for facilities that already have a presence here, these companies can provide additional support to help them expand. By providing support and a helping hand to companies entering this marketplace mean these dedicated organizations are making a successful move much more likely.
All of the above benefits come alongside one of Ireland’s most attractive features – a strong reputation. So other countries may appear that they offer competition in perhaps one or two of the areas listed above, but what they cannot offer is the history and the solid, reliable, enticing reputation that Ireland offers to the world’s medtech industry.
So what does this mean for you? It means that inevitably employment rates will continue to rise in the medtech sector suggesting that Ireland is a great place to start your career. With over 20 years’ experience, Matrix Recruitment has built its Technical Recruitment team with a Specialist approach, keeping a close eye on the market and the effects these changes are having. If you’d like to start or enhance your career in the medtech sector, be sure to get in touch.
Matrix Recruitment Group is one of Ireland’s leading recruitment firms. 20 years in business, with offices in Dublin, Waterford, Carlow, Athlone and Galway. Matrix specialises in a number of job categories including Accountancy, Financial Services, Engineering, Manufacturing, Quality & Laboratory, Supply Chain, HR, Office Support and Sales & Marketing.