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Yash Ved, Mumbai May 17 , 2021
The regulatory environment in Ireland plays a key role in attracting global medical technology companies. The regulatory agencies work closely with companies and the industry to ensure compliance and trouble-free setting up of facilities, stated Tanaz Buhariwalla, India director, IDA Ireland.

Buhariwalla added that Ireland is ensuring that essential regulatory system elements are in place for a smooth transition with the upcoming transformation in the European medtech sector with the implementation of Medical Devices Regulation (MDR) effective from 26 May, 2021 and the implementation of In-vitro Diagnostic Regulation effective from 26 May 2022.

“New global medtech companies who are planning to establish a European footprint will benefit from setting up a base in Ireland as the Irish Industry transforms with the implementation of these regulations. As the only-English speaking country in the EU post-Brexit, Ireland with an extremely supportive and pro-business government offers a mature medtech ecosystem and stable regulatory regime as an integral committed member of the EU providing stable business continuity,” stated Buhariwalla.

Buhariwalla added that for Indian medtech companies evaluating western jurisdiction, Ireland offers a good development ecosystem of overseas companies, an opportunity to rub shoulders with large multinationals, a stable regulatory environment and a most important gateway to Europe and other international markets.

Medical technologies include products, services or solutions used to save and improve people’s lives and is broadly categorised into Medical Devices (MDs), In-vitro Diagnostics (IVDs) and Digital healthcare. Ireland is home to 14 of the world’s top 15 medical device manufacturers including J&J, Medtronics, GE, Abbott, Stryker, and Boston Scientific, and has emerged as the second-largest exporter of medical devices in Europe. Ireland is the global leader in the production of drug-eluting stents, 75% of the orthopaedic knees used globally and 33% of the world’s contact lenses are manufactured in Ireland.

When it comes to international talent, Ireland ranks first globally for attracting and retaining talent and proportionally has the fourth highest international workforce in the EU.

Buhariwalla added, “Initiatives by various government agencies and Science Technology Engineering and Mathematics (STEM) programmes such as those by Irish Manufacturing Research, where the organisation works with both primary and secondary schools to get the younger generation interested in manufacturing and medtech has ensured the current success of this sector within Ireland and ensure its continuity for many more years to come.”

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