CÚRAM, the Science Foundation Ireland (SFI) research centre for medical devices based at the University of Galway has contributed €756 million to the Irish economy.
That’s according to an economic report on the performance of the research centre since its foundation, which says that it has contributed more than 10 times the value of the public investment in it.
CÚRAM 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 CÚRAM, 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 – putting its economic value at €756 million and a more than 10-fold return on government funding.
CÚRAM 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 CÚRAM 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 CÚRAM.
CÚRAM 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.”
CÚRAM has a further three years of operation left in its current Government funding period to build even further on its impact.
By connecting the patient voice with the combined expertise and technologies of Ireland’s leading scientists, clinicians and engineers from 10 universities, alongside international industry partners, the Centre ensures that its research is shaped and guided by the invaluable perspectives of people with lived experience of chronic illness.
Welcoming the report, Minister for Further and Higher Education, Research, Innovation and Science, Patrick O’Donovan said, “I congratulate CÚRAM 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.”
“CÚRAM 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.”
