BioInnovate Ireland, a globally recognised hub for medical technology innovation, has made a significant socioeconomic impact in 2024. Startups emerging from the BioInnovate Fellowship Programme have generated €69 million in Gross Value Added (GVA ) and supported 667 jobs through operational and capital investment activities across Ireland, according to a socioeconomic impact analysis by EY.
Over 70% of these startups are based in Galway, with €48 million of the GVA directly benefiting the West of Ireland’s medtech sector. This year alone, these startups have created 405 jobs in the region, reinforcing Galway’s status as a global medtech hub.
Since its inception in 2011, BioInnovate Ireland, affiliated with Stanford University’s BioDesign programme, has fostered health technology innovation through its 10-month Fellowship Programme. Based at University of Galway and supported by Enterprise Ireland, the programme focuses on developing solutions for unmet medical needs. To date, it has supported the creation of 33 medtech startups, which have collectively secured €310 million in funding.
Beyond regional development, these startups have had a cascading economic impact. Lifetime contributions from BioInnovate startups include:
— €277 million GVA to Ireland’s economy
— Support for 1,460 jobs
— Generation of €84 million in wages
— Contribution of €32 million to Exchequer revenue
BioInnovate Ireland has been a beacon of healthcare innovation. “BioInnovate’s role in cultivating high-potential startups not only strengthens the medtech ecosystem but also enhances healthcare solutions on a global scale,” said Dr. Sinéad Walsh, Director of Operations BioInnovate Ireland.
BioInnovate Ireland remains commited to shaping the future of healthcare, enabling fellows and industry partners to deliver meaningful, life-changing solutions. Its commitment to addressing critical healthcare challenges ensures the West of Ireland remains a global leader in medtech innovation
Applications for the 2025/26 BioInnovate Programme are now open. For more information about BioInnovate Ireland and its impact, visit www.bioinnovate.ie
Since 2024, BioInnovate has been supported under the Innovators’ Initiative Programme, co-funded by the Government of Ireland and the European Union through the Northern and Western Regional Programme 2021 - 2027.
