There is not a day that goes by when we are not reading about further advances in Medicine – whether this is through diagnosis, monitoring or treatment. Similarly, Medical Technology or MedTech, is ever changing and offers huge benefits in terms of how it is improving and extending the lives of many people.
A recent report issued by the IDA noted that Ireland is one of Europe’s largest MedTech hotspots and, as a globally recognised centre of excellence, is home to 300+ companies, employing over 25,000 people. Thirteen of the world’s top fifteen companies have operations here and Ireland also employs the highest number of MedTech personnel per capita in Europe.
MedTech has provided considerable advances in how chronic conditions such as cardiovascular and circulatory disease, diabetes and musculoskeletal diseases are managed and treated. This is in addition to improving the techniques of surgical procedures which benefit the patient and surgical teams in many ways. Advances in MedTech have offered patients less invasive procedures, shorter recovery times and fewer complications. Diagnoses have become more precise, better monitoring tools have been developed to keep patients out of hospitals and for many, life expectancy has been increased.
Given the substantial growth in this sector patent protection remains a crucial part of the asset portfolio.
For over 10 years, PurdyLucey have worked with clients who have solved many of these problems and are now world leaders in their field through their innovation in the likes of hearing devices, heart valves, intramedullary nail systems, tools for key-hole surgery, stents, detection devices for determining the progression of treatment or disease, diagnostic kits for disease presence or absence, sensors, implants, artificial tissue implants, scaffolding, and the like.