US multinational corporations are engines of innovation in Ireland

The list of innovations stemming from US multinational corporations (MNCs) based in Ireland is arresting. Currently Ireland produces four out of every five medical stents saving lives around the world, one out of every two hospital ventilators and one out of every three sets of contact lenses used globally.

Seven out of every 10 brain tumour operations worldwide rely on surgical technology created in Ireland.

Medical technology company Stryker is a perfect example of the way US MNCs have helped drive innovation here.

Its history in Ireland dates to 1998 when it began operations in Cork with just 20 employees and one site. Today its Cork facilities employ more than 4,100 people across six sites and represent Stryker’s biggest innovation and manufacturing hub outside of its US headquarters.

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Its R&D and manufacturing activities are driven by a culture of innovation, with its teams in Cork contributing to a range of innovative products from stroke care to hip implants to 3D printed devices.

In February 2023 Stryker was named International Company of the Year and Overall Company of the Year at the Cork Chamber awards, recognition for its 25 years of growth in Cork and its contribution to the local economy and community.

Last year saw the official opening of Stryker’s high-tech facility at Anngrove, designed to further the company’s global leadership in additive manufacturing.

In addition to housing its manufacturing facilities, Anngrove is also the worldwide headquarters of the AMagine Institute, Stryker’s centre of excellence for additive manufacturing. This institute develops breakthrough technologies, from early research and development to full commercial launch and scaling, deploying these new technologies across its full portfolio of products.

Ireland Inc benefits from all such activities. “The presence in Ireland of the world’s leading life sciences and healthcare MNCs has contributed greatly to driving innovation on the island,” says Mary Cooney, partner in litigation and investigations at law firm William Fry.

She says the excellent career opportunities that US MNCs offer has both increased interest in careers in science, technology, engineering and maths among Irish graduates, and attracted highly skilled immigrants to Ireland.

“US MNCs’ investments into human capital, research and infrastructure in Ireland have resulted in the country becoming Europe’s second-largest exporter of medical devices, exporting medtech goods valued at approximately €13 billion to over 100 countries every year,” she adds.

Their presence supports Ireland’s innovation economy. “US MNCs’ continuing RD&I spend in this sector has resulted in expansion of their operations, creation of hundreds of new highly skilled roles and the growth of indigenous businesses,” says Cooney.

“Many pharmaceutical ingredients and components of medical devices, which are exported globally by US MNCs, are manufactured in Ireland, bolstering our indigenous supplier base.”

Former employees of US MNCs have gone on to start their own businesses and become part of the supply chain for global companies, she adds.

Ireland has several important policies that help support research, development and innovation (RD&I) activity, points out her colleague, Charleen O’Keeffe, also a partner in litigation and investigations at William Fry.

It has a favourable immigration system for highly skilled workers such as technology, engineering, and chemistry professionals, allowing them to apply for the benefits of the Critical Skills Employment Permit.

Companies in Ireland which engage in R&D in certain fields including medtech, pharmaceuticals and software enjoy a significant tax credit which is set to increase, as part of the Government’s 2024 budget package, from 25 per cent to 30 per cent.

All of this supports a vibrant start-up ecosystem too. “While access to funding can be a challenge for start-ups looking to scale in Ireland, several initiatives have been put in place to address this issue,” says O’Keeffe.

This includes the €90 million Irish Innovation Seed Fund programme, covering such areas as life sciences, sustainability and digitalisation. In June of this year €35 million was committed to WakeUp Capital in its first allocation of funds.

“In addition, organisations such as IDA Ireland are working to improve multinational integration, while Enterprise Ireland has several initiatives including its Pre-Seed Start Fund,” says O’Keeffe.

Ireland’s commitment to continuously improving its RD&I activities is also evidenced in Impact 2030: Ireland’s new research and innovation strategy.

“An example of measures outlined in the strategy is the creation of a new competitive R&D funding agency to bring together the functions of the Irish Research Council and Science Foundation Ireland, aiming to bring greater interdisciplinary research activity in Ireland,” says O’Keeffe.