Health Innovation Hub to receive €5m funding

Finance, Life sciences and energy, Technology | Tue 26 Jan | Author – Business & Finance
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A partnership between private sector companies and the health service to develop groundbreaking Irish healthcare products and research has been set up by the Government.

A funding of €5m will be made available over five years for the Health Innovation Hub, which has already shown its value and fostered a number of innovative healthcare products and services since it was set up on a pilot basis in 2012 based in University College Cork.

The funding has been allocated to Health Innovation Hub Ireland to foster links between the Irish health service and vital new technologies.

The Health Innovation Hub will be a win-win for businesses, the health service, and for job-creation. The initiative also has massive potential for Ireland’s burgeoning healthtech sector, and for improving healthcare services and outcomes for patients.

Following a competitive process, a consortium led by University College Cork, with partners including Cork Institute of Technology, Trinity College Dublin and the National University of Ireland Galway, was appointed to host Health Innovation Hub Ireland.

Speaking at the announcement, Minister for Health Leo Varadkar said: “The life sciences sector accounts for a lot of our export revenue and is a major source of inward investment. The Health Innovation Hub is an opportunity to build on this by creating linkages between the health service and industry to develop new products and services that we can use to improve our own health service at home and sell as products and services abroad. It’s also a good example of joined-up Government as it involves two Government departments, two Government agencies and the universities.”

Julie Sinnamon, CEO, Enterprise Ireland, commented: “Enterprise Ireland is committed to supporting collaboration opportunities between the health system and enterprise sector in order to innovate and internationalise healthcare technologies. The Health Innovation Hub will improve the efficiency of the commercialisation process of new technologies, products and services, benefitting the health sector and society as a whole.”