NSAI Wants Med-Tech Industry to Help Heal Ailing Celtic Tiger

First, the bad news: It seems that Ireland’s phenomenal run of economic growth may be on its last legs, at least for a while. A report issued by the Economic Social Research Institute at the end of June predicts the first fall in output since 1983. It’s been one hell of a ride–Ireland’s average annual growth over the past decade has been just over 7%–but the party, if not over for all time, is headed for a hiatus. The good news? Medical manufacturing, which has been an engine of growth for the Irish economy since the 1990s, is still alive and kicking, and the National Standards Authority of Ireland (NSAI) wants to make sure it stays that way. It is investing millions of euros to develop what it calls a “global centre of excellence” for medical devices.

The NSAI hopes to keep multinationals in country–and lure new ones–by reducing the amount of time it takes to gain the CE mark and, thereby, accelerating time to the EU market. The organization has been busily building a network of full- and part-time staff as well as clinical experts and consultants to boost internal productivity and shave time from the approval process. The hope is that this will entice industry to maintain a manufacturing base in Ireland rather than relocate to countries with lower labour costs.

Will it work? It’s one more thing we can debate at the forthcoming MEDTEC Ireland event in Galway on 24 and 25 September.

Tags: Business News, Ireland