2 weeks Ago By Niall Kitson
11 December 2024 Start-ups emerging from BioInnovate Ireland’s Fellowship Programme have generated €69 million in gross value added (GVA) and supported 667 jobs in 2024. A socioeconomic impact analysis by EY said more than 70% of these start-ups are based in Galway, with €48 million of the GVA directly benefiting the West of Ireland’s medtech sector. Since its inception in 2011, BioInnovate Ireland, affiliated with Stanford University’s BioDesign programme, has fostered health technology innovation through its 10-month Fellowship Programme.
The programme, based at University of Galway and supported by Enterprise Ireland, develops solutions for unmet and under-met healthcare needs. To date, it has supported the creation of 33 medtech start-ups, which have collectively secured €310 million in funding over their lifetimes. Beyond regional development, these startups have had a cascading impact on the national economy.
Lifetime contributions from BioInnovate startups include: €277 million GVA to Ireland’s economy; support for 1,460 jobs; the generation of €84 million in wages; and a contribution of €32 million to the exchequer. “BioInnovate’s role in cultivating high-potential startups not only strengthens the medtech ecosystem but also enhances healthcare solutions on a global scale,” said Dr. Sinéad Walsh, director of operations, BioInnovate Ireland.
BioInnovate Ireland continues to shape the future of healthcare, enabling fellows and industry partners to deliver meaningful, life-changing solutions. Its commitment to addressing critical healthcare challenges ensures the West of Ireland remains at the forefront of medtech innovation. BioInnovate is supported under the Innovators’ Initiative Programme co-funded by the Government of Ireland and the European Union through the Northern and Western Regional Programme 2021-2027.
TechCentral Reporters Read More: BioInnovate medtech research Science start-ups.
