Offaly MEP meets Tullamore based industry to discuss medtech priorities

MEP Barry Cowen held a meeting with representatives from Medtronic to address key priorities for the MedTech industry in the West of Ireland and across Europe. Medtronic, a global leader in medical technology, is committed to improving patient outcomes worldwide.

Headquartered in Dublin, Medtronic operates in over 150 countries, developing cutting-edge medical devices, and employing over 4,000 people across Ireland, playing a pivotal role in the country’s vibrant MedTech sector. Its operations in Galway and Athlone focus on both manufacturing and R&D, particularly in minimally invasive surgery and cardiovascular treatments.

During the meeting, Cowen and Medtronic’s representatives discussed a range of topics, including the regulatory environment in Ireland’s healthcare sector, advances in digital and AI-driven technologies, European healthcare policies, and strategies to encourage businesses to invest and operate within Ireland and the EU.

Ireland’s MedTech industry is a critical pillar of the national economy, employing over 40,000 people. As the second-largest employer of MedTech professionals in Europe per capita, Ireland exports over €12.6 billion worth of products to more than 100 countries annually.

Cowen highlighted the growing challenges posed by EU regulations, particularly those impacting digital technologies, AI, and data privacy. “The previous EU Commission's well-meaning regulatory updates have created hurdles for businesses, slowing down innovation and discouraging investment in key sectors. In the US, the approach is often to "innovate, then regulate," allowing for flexibility and growth. In contrast, we in the EU often regulate before we fully innovate, putting businesses and sectors at a disadvantage," said Cowen.

Throughout the meeting, Cowen and Medtronic representatives explored potential solutions to bridge the widening innovation gap between the EU and the US. “The EU’s fragmented regulatory landscape, particularly in the tech sector, is a significant barrier for emerging companies, reducing demand for financing and hampering competitiveness. As we look ahead, I hope to see a more balanced regulatory approach that fosters innovation while safeguarding necessary standards,” Cowen added.

This dialogue is part of MEP Cowen’s ongoing efforts to ensure that European MedTech and pharmaceutical companies remain competitive on the global stage, while also supporting growth and innovation within Ireland.