A total of seven out of ten medical technology companies are more confident in their own business and half are confident in the current business environment, than they were three months ago, according to the latest survey by the Irish Medical Device Association (IMDA), a sector within Ibec.
The medical technology sector is key to the Irish economy exporting €7.9bn worth of product annually and employing 25,000 people.
When asked about confidence levels for the next three months to the end of the year similar responses were obtained with 74% saying they had confidence in their own business and a little over half (51%) saying they had confidence in the overall business environment for the next three months.
The Medical Technology Excellence Awards recognise and reward best practice in the medical technology sector in Ireland.
Commenting on the research Sinead Keogh, IMDA Director said, “The survey findings show that confidence remains high within the medical technology sector. This bodes well for the sector which is continuing to evolve, innovate and expand. The Medical Technology Excellence Awards, which we launched today, are aimed at capturing the very best of this sector. We are looking for companies to tell us their story and to tell us why they should win so that we as an industry can promote best practice across the industry.”
Andrew Vogelaar, Head of Medical Technologies, IDA Ireland said, “The sector has shown tremendous growth over the past 20 years. We now have over 25,000 direct employees in the industry, employed by over 200 companies and our exports grew by 10% in 2012 to €7.9bn. The awards offer a fantastic opportunity for both multinational and Irish indigenous companies to display their latest products and services on an international scale.”
Colm MacFhionnlaoich, Manager Life Sciences Department, Enterprise Ireland said “The sector involves intense collaboration between a broad range of partners including manufacturing companies, academic institutions, clinicians and government agencies. To mark this collaboration the inaugural Medical Technology Academic Award has been established. The aim of the award is to promote further interaction between companies and academic institutions and to encourage innovative start up med tech companies and academic institutions to tell us why they should be recognised as best in class.”
The 2012 Overall Medical Technology Company of the Year award winner, John Harris, CEO, Lake Regional Medical said “Winning the award in 2012 was particularly special for us because it represented recognition from all our stakeholders and from our peers within the Irish med tech sector.”
Interested companies or individuals can enter at www.imda.ie/awards