Boston Scientific Corporation is the world's largest medical device company dedicated to less-invasive therapies. Its products and technologies reduce risk, trauma, cost, procedure time and the need for aftercare. Boston Scientific's healthcare manufacturing facility in Galway, Ireland - incorporating major clean room areas and testing facilities.
Minister for Finance, Brian Lenihan T.D today announced that Boston Scientific Corporation, which specialises in medical devices for use in minimally invasive surgical procedures, is to invest €50 million, with the support of IDA Ireland, in strategic Research and Development at its Galway facility.
Boston Scientific was established in Galway in 1994 and is the largest manufacturing site within the corporation with over 3,000 people employed in the R&D and manufacture of cardiology and peripheral vascular products such as stents and catheters. This is a major investment for the company and an integral part of its strategic plans.
Lenihan, welcoming the investment, said “This investment is extremely significant, not just for Galway but also in terms of the research and development activities that are taking place in Ireland. Boston Scientific is a highly technologically advanced company which has to rapidly change and continually develop to remain ahead in a highly competitive industry. Their desire to locate this investment here speaks very highly of the calibre of Irish scientific talent.”
“The R&D investment will bring major technical enhancement in innovation and skills to the Galway facility, which has already gained a valuable reputation within Boston Scientific Corporation for its successful development of drug-eluting stent products, through commercialisation to approval and global volume launch.”concluded the Minister.
This investment will further underpin both R&D and manufacturing at the Galway facility and will broaden significantly the capabilities of the R&D team responsible for new product development, which directly employs over 200 people.
Jim Tobin, CEO of Boston Scientific who visits the Galway plant this week said “We are very pleased to be announcing this investment in Ireland. The Galway R&D team have an impressive talent base and a strong track record of delivering innovation. We look forward to their continuing contributions.”
CEO, IDA Ireland, Barry O’Leary, also noted “At €50m this is one of the most significant Research and Development investments supported by IDA Ireland, given the stature of the Boston Scientific Corporation it demonstrates Ireland’s ability to win such investments internationally and demonstrates our ability as a capable knowledge based economy”
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties.
Boston Scientific, founded in 1979 and headquartered in Natick, Massachusetts, US, is a public company listed on the NYSE (BSX). It employs 25,000 people in 26 manufacturing, distribution and technology centres worldwide. It had revenues of $8.3 billion in 2007. R&D spend in 2007 was 13% of revenues – over $1 billion.