Medtronic and University of Galway Forge €5 Million Strategic Partnership to Advance MedTech Innovation

Mar 19, 2024 00:04 CST Updated 00:04

Medtronic

Medical Device Manufacturer

Source: Siyu MedTech; Editor: Sophia

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Recently,Medtronic andUniversity of Galway, IrelandSigned a partnership worth 5 million euros (approximately 39.17 million RMB) for a period of 5 years.

The agreement willAdvance a series of STEM initiatives and provide seed funding for collaborative research projects.At the same time, it will also provide for the university'sSupported by two research institutions.

# Overview of Cooperation Content

ItsIn fact, Medtronic had already launched related medical projects at the National University of Ireland, Galway before signing this agreement.

In a recent interview, the president of NUI Galway further explained the importance of this partnership.

The new partnership consists of three main parts:

Health Technology Ecosystem：Expand Investment in University Medical Technology Ecosystems to Address Gaps in Translation and Clinical Trial Infrastructure.
STEM Education and Extension：Continue to expand Medtronic's current project support and investment within the campus scope.
Medical Research：Provide early seed funding for new research projects.

This collaboration will support two new institutes at the University of Galway (recently established “"Clinical Trial Research Institute"And Coming Soon""Institute of Health Discovery and Innovation"), toEnhance its influence in the fields of biomedical engineering science and clinical trials.

It is reported that the "Clinical Trials Research Institute" will promote the University of Galway.Expand Clinical Trial Activities to Benefit Patients Across Ireland, enabling them to have the opportunity to access more cutting-edge medical technologies and treatment options in the future.

# The Underrated High威 University

Galway, Ireland is one of the most important medical technology centers in Europe, and the University of Galway is at the core of this ecosystem. The university'sThe president mentioned that their vision is to strengthen the recognized position of NUI Galway as a global hub for medical technology research and innovation.

According to statistics,Eight of the world's top ten medical technology companies have a base in Galway., which is home to medical technology startups, multinational companies, and research centers, with a total workforce of over 8,000 employees.

At the University of Galway "College of Science and Engineering(College of Science and Engineering)" The official website page clearly states:Students who study related courses will have the opportunity to intern, learn, and collaborate with world-leading medical device companies such as Medtronic and Boston Scientific.。Moreover, the college hosts Cúram, the Irish National Research Centre for Medical Devices and Technology.。

It is reported that Medtronic's investment this time will be beneficial toCreate a comprehensive end-to-end infrastructure, especially helpful in establishingNew Prototype Hub and New Clinical Accelerator Hub.

And will bridge the gap fromBasic/Translational Research→Prototype Design of New Medical Devices and Technologies→Clinical TrialThe gap, thereby bringing life-changing impacts to patients.

# Rising Star in Medical Devices: Ireland

This school-enterprise cooperation has attracted much attention becauseIreland is one of the largest medtech hotspots in Europe, with over 300 medical technology companies, and it has the highest number of medical technicians per capita in Europe.

According to statistics,Ireland is the third-largest exporter of pharmaceutical products in the EU (2023).The country's medical device industry has entered the top five global medical technology centers, competing with Massachusetts, Minnesota, and California in the United States.Nine of the top ten global medical technology companies have a base in Ireland.

And, Irelandare important medical device importers in Europe for the United States and China,The exported medical devices have had a profound impact globally.

According to statistics,80% of the world's cardiovascular branchesFrame made in IrelandIn 2020, Ireland's heart stent exports reached 2 billion euros. Ireland produces and manufactures75% of global knee implantsIn 2020, the export value reached 1.3 billion euros.

In addition,50% of the world's ventilators, 30% of contact lenses, and 25% of insulin pumpsAll are manufactured in Ireland.

# U.S. Medical Device Enterprises Drive Cluster Development

Ireland is highly attractive to U.S. medical device companies: it shortens the time to market for medical devices, offers proximity to the EU with no tariffs, provides an ample labor supply, and features a low-tax environment…

Since the 1990s, as Ireland became the preferred location for large multinational medical device companies to invest and expand, the number of medical device companies in Ireland rapidly increased from over 50 to 450.

▲Johnson & Johnson DePuy Synthes Innovation Center, Lingenskidi

Recent examples of U.S. medical device companies investing in Ireland include:

Abbott Invests $450 Million to Boost FreeStyle Libre Production in Ireland
Boston Scientific Invests 100 Million Euros in Its Irish Campus
Stryker Opens New 3D Printing Facility in Ireland
Johnson & Johnson Invests 100 Million Euros to Expand Its Irish Plant
Medtronic Adds 200 Jobs in Galway, Ireland

American medical device companies relocating to Ireland typically first establish manufacturing centers in Ireland. Subsequently, support functions and R&D roles for these American companies are also set up in Ireland. Some even establish headquarters in Ireland to set directions and lead corporate development. As a result, Ireland's medical device industry has gained global influence.

Medtronic, Boston Scientific, Zimmer Biomet, Stryker, Abbott, among others, mostly follow this "Irish model."。

As the Irish site matures, multinational medical device companies will also participate in acquisitions, bringing more new business to the manufacturing center. In 2014, Medtronic acquired Covidien for $42.9 billion through a tax inversion deal.

The agreement relocates Medtronic's headquarters to Dublin, Ireland.`, and released the $9.3 billion cash that Medtronic had previously trapped overseas, further solidifying Medtronic's long-standing position as a global medical device leader that is difficult to surpass.`

Today, Ireland has formed a medical device ecosystem with close ties between universities, startups, multinational corporations, venture capital, suppliers, and support industries.

In the future, I believe there will beMore medical companies will follow Medtronic's lead, leveraging Ireland's medical technology ecosystem, establishing partnerships with various universities, and developing diversified businesses.The collaboration not only greatly benefits university students but also brings advantages to patient care, the medical technology ecosystem, and the university itself:

Expand educational opportunities for students in the medical technology field;
Providing a clear path from research and ideation to proof of concept and commercialization;
Accelerate the Highest Level of Basic and Applied Medical Technology Research
To open up funding sources for medical technology-related research projects;

Chairman and Chief Executive Officer of MedtronicGeoff MarthaIndicates:

"The organization hopes that the investment in this university will drive patient care and economic growth, paving the way for long-term, meaningful impact."Medtronic possesses the technology, but having a well-educated and highly skilled team is equally crucial. The University of Galway plays a significant role in many aspects of Medtronic, and I believe these students will make important changes in the medical field.”

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Editor-in-Chief | Zhao Qing Reviewed by | Yi He