Boston Scientific, which will today announce an investment of a further £40 million in Ireland, is recognised as the world leader in the medical instruments sector. While other areas of the healthcare sector, such as pharmaceuticals, are consolidating, this is a booming business, applying ongoing technological advances to medicine. The firm makes sensitive electronic instruments, designed for what is known as minimally invasive surgery - operations which use the bodies natural openings for "keyhole" operations, rather than oldstyle incisions. Rolling advances in technology are driving this business, and Boston Scientific has managed to stay ahead of the pack.
It also makes a lot of money - net sales for the six months to the end of June rose 25 per cent to $904 million (£600 million), and net profits came to $49 million, up from $15 million. For the three months to the end of September, profits jumped to $88 million.
The company, founded in Massachusetts in the late 1960s, employs more than 10,000 people worldwide. Although the firm seems committed to its Irish investment, it has shown in the past that it will close factories, and lay off workers, if it can maximise profits elsewhere. In the past year, the company has closed four plants. Much of this business has been switched to Ireland.
Speaking last March, chief financial officer, Mr Larry Beth, said the company chose Ireland for several reasons, including the excellent workforce, medical technical expertise and government support.