CÚRAM, the Science Foundation Ireland (SFI ) research centre for medical devices based at the University of Galway, this week launched an economic report that puts its value to the Irish economy at €756 million.
Established in 2015 with an ‘initial commitment’ of €64.8 million Government investment delivered through SFI, CÚRAM has delivered a 12-fold return on its initial investment and ‘significant economic impact’ for Ireland.
The economic impact analysis carried out by Mazars outlines that investment in CÚRAM has led to Ireland’s economy benefiting from ‘€210 million direct spending’, and the generation of a ‘further €546 million in economic activity’. These figures combined brings more than three quarters of a billion euro to Ireland and supports more than 2,500 jobs.
Described as a ‘global hub for the medtech sector’, the prevalence of industry hubs and campuses in Galway makes it ‘one of only a handful of locations’ in the world to earn such a title, and a large part of this, according to this week’s report, is down to CÚRAM. Having ‘helped to expand Ireland’s attractiveness as a global hub’, CÚRAM has been credited for ‘establishing partnerships’ and by fully, or co-funding, collaborative projects with 47 ‘innovative companies’ in the sector.
In addition to this, CÚRAM has received more than €80 million of research grant funding from the EU.
