Research centre added €756 million to economy, according to report | BreakingNews.ie

Curam, the Science Foundation Ireland (SFI) research centre for medical devices based at the University of Galway, launched an economic report that puts its value to the Irish economy at €756 million, building on 10 years of public investment.

Curam was established in 2015 with an initial commitment of Government investment of €64.8 million through Science Foundation Ireland.

Economic impact analysis carried out by Mazars shows that investment in Curam, to the end of 2023, has led to direct spending of €210 million in the Irish economy and the generation of a further €546 million in economic activity in Ireland.

This puts its economic value at €756 million and a more than 10-fold return on Government funding, according to the university.

Curam has helped to expand Ireland’s attractiveness as a global hub for the medtech sector, one of only a handful of locations in the world, by establishing partnerships and by fully funding or co-funding collaborative projects with 47 innovative companies in the sector.

Investment in Curam has also supported a total of 2,547 jobs in the Irish economy.

In addition, more than €80 million of EU grant funding has been committed to research projects at Curam.

Welcoming the report, Minister for Further and Higher Education Patrick O’Donovan said: “I congratulate Curam for its significant impact on the Irish economy and society.

“This report demonstrates the importance of the Government’s policy of continuing to invest in research and innovation and supporting excellence and scale through the world-leading SFI Research Centre Network, in areas of strategic national importance.

“Curam provides innovative solutions for industry and society, which enable better quality of life for patients.

“As our population ages, this is helping us to create a better tomorrow for all citizens.”

Professor Ciaran O hOgartaigh, President of University of Galway, said: “I would like to congratulate Curam as they mark 10 impactful years of research.

“The centre epitomises what it means to be for the public good.

“The real value of Curam remains its people and its key strength lies in building collaborations and networks that generate impactful research.”

Siobhan Roche, director of science for the economy at SFI, joined in the celebration of the Centre’s success, said: “Curam has a strong track record of generating high quality research and training the next generation of medical device researchers.

“The Centre’s deep commitment to education and public engagement is not only inspiring younger generations to pursue a career in STEM but is also promoting new approaches in the management of chronic illness.

“Amplifying its impact, Curam has attracted over €225.7 million in additional investment from industry and EU sources, further highlighting the value of publicly funded research to the Irish taxpayer.”

Curam director, Professor Abhay Pandit, said: “Addressing chronic disease to support healthy aging is one of the most pressing public health and economic challenges of our time.

“Our research programme is developing solutions to help us all live well as we age, with conditions like cardiovascular disease, diabetes and neurological disorders.”