Med-tech firms up-beat on growth, jobs – IMDA
The Irish Medical Devices Association (IMDA), the Ibec group that represent the medical technology sector, today published its latest sentiment survey in advance of their annual CEO Forum, jointly hosted with Enterprise Ireland and IDA Ireland, in the Limerick Strand Hotel. The survey shows that 94% of companies are confident about their business, with 42% saying they are more confident now than they were three months ago.
The CEO Forum is the largest gathering of medtech professionals in Ireland with over 200 business leaders and experts attending. The latest survey of the sector conducted by the IMDA shows that sentiment continues to improve with four out five business expecting sales to rise over the next three months and nearly half to hire new staff.
- Exports back on the rise: 73% of companies expect to increase exports over the next three months
- Most companies to see sales rise: 77% companies expect to see sales increase
- Nearly half of companies to hire new staff: 44% of medtech businesses expect to increase the number of employees
- Third of companies to invest in R&D: 35% expect an increase in R&D expenditure
- Two thirds of business to grow base: 65% expect to increase their customer base
Director of the IMDA Sinead Keogh said: “IMDA’s latest survey shows that confidence within the sector is improving steadily with nearly half of companies more confident now than they were three months ago and nearly half planning to hire new staff. Our commitment to patient care remains strong, with over a third of companies said that they plan to spend more on R&D over the coming months.
Enterprise Ireland Senior Development Advisor Life Sciences Department John Shiel: “This day is about showcasing the strength of the medtech sector in Ireland, there are now over 300 companies here, who employ over 25,000 people. Our indigenous companies continue to grow. As many as 94% of companies are confident about their business, that’s why today’s theme, ‘Creating value and new opportunities’ is timely.”
IDA Ireland Head of Medical Technologies Division Andrew Vogelaar: “Ireland’s strong multinational and indigenous base of companies is continuing to grow. New investment from the likes of CR Bard, West, NuVasive, Hollister and Ethicon Biosurgery will ensure that Ireland remains the location of choice for a global industry.”