Beyond its beauty and charm, Ireland offers significant benefits for medical device manufacturers. Medtech heavy hitters like Becton Dickinson and Boston Scientific have had a presence in the country for more than 20 years. Fifteen of the top 20 medical device companies have set up shop in Ireland, according to IDA Ireland. The government-funded organization's goal is to attract foreign investment, says Ivan Houlihan, vice president of IDA Ireland.
How Ireland Ranks Globally
? In the world for corporate taxes.
? For business legislation for foreign investors.
? For the availability of skilled labor.
? In the world for inward investment by quality and value.
? In the Eurozone for ease of doing business.
? Globally for the number of inward investment jobs per capita.
? Most attractive country globally for foreign direct investment.
? Most globalized economy in the world.
? For direct inward investment flows.
? For availability of finance skills.
? In the world for labor productivity.
? Best country to do business.
Sources: The IMD World Competitiveness Yearbook 2011, The 2011 IBM Global Location Trends, NIB/FDI Intelligence Inward Investment Performance Monitor 2011, and Ernst & Young Globalization Index in cooperation with Economist Intelligence Unit, Jan 2011, Forbes.
With more than 250 medtech suppliers and OEMs, Ireland holds a strong manufacturing position in Europe and is the continent's second-largest exporter of medtech products. Last year Ireland’s medtech exports reached c.$9.7 billion.
Most devices are exported to the United States, Germany, Japan, and other parts of the UK. Ireland's main competitors in Europe are Switzerland and Germany. However, Ireland is the only European country with U.S. preborder clearance. Galway is the central manufacturing hub, but there are facilities located throughout the country. Some strong advantages to doing business in Ireland include:
- A stable environment.
- A quality workforce and the youngest population in Europe (more than 38% are under 25 years old).
- A proven track record.
- A supportive infrastructure.
- A 12.5% corporation tax rate.
Although the region has been challenged by the financial crisis, gross domestic product growth returned last year, and the government is focused on structural reform that looks to maintain Ireland's strong position.
Ireland's GDP GettingBack on Track
? Last year GDP grew for the first time since 2007.
? Modest (0.7%) growth expected in 2012,
? 2013 outlook: 1.9% growth or more.
? Export growth getting stronger and a key to recovery.
Fifteen of the top 20 medical device manufacturers have operations in Ireland. In all, the country is home to 250 medtech suppliers and OEMs. Source: IDA Ireland.