NORTHERN IRELAND
Northern Ireland Offers Dynamic Solutions
The COVID-19 pandemic put a spotlight on supply chain issues in the medical and pharmaceutical industries, but those challenges were neither isolated nor new.
Beyond the pandemic, other forces – including natural disasters, regulatory changes and cyber security threats – regularly cause supply chain disruptions. In fact, research shows that disruptions lasting more than two months occur once every 3.7 years, and within a 10-year period, shocks could cause some MedTech companies to lose approximately 38% of one year’s revenue. In contrast, Life Sciences companies continue
to rise to the increased demand for their products alongside supply chain challenges. For example, expected global spending on pharmaceutical products will grow 3% to 6% through 2025, reaching about $1.6 trillion in total market size in 2025. This number does not include spending on COVID-19 vaccines, where projections estimate total cumulative expenditure to reach $157 billion. As demand spikes for pharmaceutical, medical devices and other Life Sciences products, biomedical companies must secure reliable partners that can help research, develop, test and manufacture these products. Fortunately, a thriving centre for these demands exists – Northern Ireland.
Northern Ireland Northern Ireland (NI) offers a prime location for Life & Health Sciences businesses, thanks to a unique combination of talented people, world-class research and strong links between industry, academia and clinicians in the commercialisation of innovative research.
14 UKHEALTHCARE P A VILION. COM Northern Ireland’s life sciences sector is
agile and connected, exporting to more than 140 countries globally. The region is home to an innovative and advanced manufacturing industry, which has grown three times faster in recent years than in the rest of the UK, according to Medical Product Outsourcing. One reason for the growth results from medical manufacturers taking advantage of the region’s capability in plastics and polymers, composites design and manufacturing and precision manufacturing. As life sciences companies face significantly increasing demand, Northern Ireland’s manufacturing expertise makes it possible to manufacture pharmaceuticals and medical devices in the same geographical region where they conduct research and clinical trials. With easy access to Europe, Asia, and the Americas, manufacturing in Northern Ireland can help mitigate persistent supply chain challenges. Northern Ireland has a rich history in science and medicine, which has laid the foundation for its 17 world-leading research centres and a robust life
DUSSELDORF 2022
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