Ibec's life science and health technology groups have welcomed the introduction of a new National Life Science Strategy for Ireland in the Programme for Government that has been ratified by Fianna Fáil and Fine Gael in recent days.

BioPharmaChem Ireland and the Irish MedTech Association both expressed their support for the strategy for the sectors, which employ more than 102,000 people and export goods worth €116bn annually.

Included in the 700 biopharma, medtech, and digital health companies based in Ireland are 19 of the top 20 global pharmaceutical and biopharmaceutical businesses and 18 of the world's top 25 MedTech firms.

“One of the country’s most notable success stories is the life sciences industry with the world’s top companies investing heavily here and creating jobs alongside homegrown businesses driving disruptive innovation," said Dr Sinead Keogh, head of sectors at Ibec and director of BioPharmaChem Ireland.

"The biopharmachem sectors directly employ 50,000 people with a further 21,000 people expected over the next three years.

"To sustain our hard-won competitiveness, we must ensure collaboration across government, industry, and research to deliver the right policies and foster a business environment that empowers cutting-edge innovation.

"The National Life Sciences Strategy will help ensure coordination and prioritisation of state resources as well as fit for purpose regulation.

"The strategy will also support scaling of local enterprises, attract global investment, and drive health system improvements, creating high-value jobs and economic growth in the process.”

Dr Eoghan O'Faolain, director of the Irish MedTech Association, said that Ireland must create a "best-in-class business environment that fosters strategic research, development, and investment" to adapt to new technologies.

“Medtech is ubiquitous as this technology is used for the preventing, diagnosing, and treating illness," he said.

"Ireland is the greatest employer of medtech professionals, per capita, in Europe with more than 48,000 people working across 450 companies in the sector, with employment growth forecast to reach 56,000 by 2028. 

"The convergence of traditional health business with technology and data organisations has formed a new ecosystem that is able to facilitate growth and create opportunities for new entrants to reinvent traditional operating models."

Ibec's Where Digital Health Thrives campaign highlights Ireland's potential to lead in merging areas like advanced therapeutics, Pharma 5.0, and digital health, and the group said the National Life Science Strategy aligns with its vision to support the growth of indigenous digital health businesses and help to scale the sector by fostering investment through initiatives led by Enterprise Ireland and IDA Ireland.

Ibec said the strategy presents "an important opportunity for Ireland to consolidate its strengths as a global leader in health innovation by addressing industry needs, by fostering collaboration, and unlocking future opportunities that will benefit the economy, workforce, and patients worldwide. Industry looks forward to being part of this important conversation."