The future is bright. The future is green, white and orange.
With the European Medicines Agency (EMA) set to leave London in light of Brexit, the choice of its new location is paramount. Dublin has the necessary services and infrastructure for the EMA and houses one of the most exciting and promising Life Sciences industries in the world. This sector has gone from strength to strength and not only reflects Dublin’s capabilities as a new home for the EMA but also showcases the city’s potential as a future leader of the Life Sciences industry.
Ten of the world’s top ten Biopharma companies have operations in Ireland and easily recognisable names such as Pfizer, Johnson & Johnson and GlaxoSmithKline are just some examples of the industry giants on the list.
There has been a shift in funding of Irish small and medium-sized enterprises (SMEs) – of the total €888.1 million raised in 2016, a reported €465.1 million was invested in the Life Sciences sector. This demonstrated trust in Ireland’s ability to perform shows how keenly Ireland is pushing to be at the forefront of Life Sciences.
But this growth isn’t just taking place in industry. Between 2014 and 2017 Ireland won over €400 million in competitive EU funding from Horizon 2020. €233 million of this was accounted for by Educational Institutions. A further €94 million was awarded to SMEs.
The Minister of State for Training and Skills, John Halligan T.D., said this performance “illustrates the excellence of the research in our Higher Education Institutions and demonstrates how innovative our companies are.”
But what is this money giving us in return?
According to the IDA there are more than 300 companies in this sector employing 29,000 people between them. Furthermore the Irish medical devices and products export market is worth €12.6 billion annually. With European Medtech Week having recently finished, a whole host of new medtech ideas have been unveiled; many of which are products of Ireland’s research and innovation. These range from humble blood clot trappers and breathing sensors to the futuristic Tricorder (a scanning device that diagnose just about anything) and bone healing enhancers that can reduce fracture healing time by 20%.
With so much going on in Ireland, Dublin cannot be ignored as being among the strongest contenders for the new host of the EMA and promises to only grow further as a Life Sciences powerhouse in the future.Back to news