Ireland's Medtech Explosion

Article preview from IN VIVO - September 1, 2011

Over the last three decades, Ireland has built a robust medical device community serving large multi-national device companies, built on favorable tax policies and a strong manufacturing and engineering base. But now Ireland is trying to incubate a robust start-up community as well, focused on R&D and innovation, hoping to create the next Medtroniic or Covidien rather than simply serving the current ones.

Ireland's Medtech Explosion

Article preview from IN VIVO - September 1, 2011

Last October, when medical device leader Medtronic Inc. wanted to hold a global strategic planning session, it flew its board and top executives to its facilities in Galway, Ireland. Home to its European vascular business, established in the 1980s by what was then the US Catheter and Instrument Corp. (USCI) business of CR Bard Inc. – USCI would eventually be acquired by Arterial Vascular Engineering (AVE), which in turn was purchased by Medtronic – MDT's European vascular business "epitomizes a balance of quality and innovation," then-CEO Bill Hawkins explained in an interview at the time.

More to the point, Ireland itself had a special resonance for Medtronic's senior executives: Ireland, too, represents much that is best for a company dedicated to innovation in medical technology. And given the strains and pressures that the US medtech industry is feeling, Hawkins believed Ireland offers an object lesson in how to create a climate that promotes innovation. "The reason I wanted the board to go there," he comtinued, "is that this country [i.e., the US] needs to take a page out of Ireland's playbook when it comes to a long-term vision and a focus on innovation and support for the economic engine of growth." Ireland's tax policies have long encouraged multinational organizations to locate their manufacturing operations there, offering economic breaks while providing both high-quality manufacturing and a commercial gateway to Europe. But over the past decade, Ireland has become more than that. Pointing to Ireland's inviting tax policies, Hawkins noted they focus "not just on the manufacturing side, but on R&D as well." In short, he said, "it was refreshing to go over there and meet with a government that appreciates" medical device companies committed to innovation and growth.

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