Posted on 10 days ago by Laurentina Kennedy
Greater investment needed in Irish medtech sector - report
Irish Medtech, the Ibec group representing the medical technology sector, has released its latest manufacturing report, calling for greater investment in advanced manufacturing and digital technologies.
The research found that small and medium-sized enterprises (SMEs) in the medtech sector require additional support to fully embrace digital transformation and AI-driven efficiencies.
According to the report, business sentiment in the sector remains polarised, with weaker global growth forecast and trade uncertainties driving companies to focus on expansion and new markets in 2025.
It also found that labour costs, housing and workforce retention remain the most pressing challenges for companies.
"With Ireland exporting over €16 billion in medtech products and a leader in global stent and orthopaedic knee production, there is a clear economic case for investing in advanced manufacturing," Irish Medtech said.
"However, the ability of smaller firms to adopt AI, automation, and digitization remains a business imperative," it added.
The organisation is calling on the Government to expand funding for SME-led digital transformation initiatives, and to prioritise AI and automation in the National Life Sciences Strategy.
It is also highlighting the need for tailored supports for workforce reskilling and apprenticeships.
"The European Union's landmark €200 billion InvestAI fund, with €20 billion earmarked for AI gigafactories, presents a unique opportunity for Ireland to lead in digital manufacturing," said Irish Medtech Chair, Jackie Murphy, VP, Manufacturing Plant Manager, Alcon.
"The Irish AI Advisory Council has already urged the Government to establish a real-time 'AI Observatory’ to track AI adoption, skills development, and market trends - aligning with Irish Medtech’s call for a national strategy to accelerate digital integration across all manufacturing tiers," Ms Murphy said.