Government agency Enterprise Ireland and US-based not-for-profit medical practice Mayo Clinic have formed a $16m collaboration that will invest in medical technology development.
The partnership will aim to commercialise up to 20 medical device and treatment ideas from the Mayo Clinic that will be handed over to Irish universities to develop into market-ready products, with the aim of spinning-off 10 Ireland-based companies. Enterprise Ireland is providing up to $16m investment for the venture.
The partnership has come about largely because of the high costs involved for bringing ideas in the sector to market. The hope is that several new treatments and products will provide a consistent revenue stream for Mayo Clinic, while also boosting new, high-value tech companies in Ireland.
The first project, a medical device for treating acute pancreatitis, is already being developed by NUI Galway.
Jeff Bolton, vice president of Mayo Clinic, said: “We expect that this collaboration will pay dividends in the United States as the commercialised technologies will be sold in the US for the benefit of patients. We also expect that many of these companies will create a US presence in and around one or more of Mayo’s practice sites.”