Healthcare innovations are to be given an all-Ireland shop window with news that the trade body, InterTradeIreland is bringing academics, business and clinicians together to develop ground-breaking innovations in healthcare

In an initiative that aims to drive £13m in new business opportunities with ultimate objective of improving treatments and quality of life for patients, InterTradeIreland and BioBusiness announced that it has developed a collaborative network across Academia, Business and Clinicians (ABC) to yield ground breaking innovations in Irish healthcare. The ultimate objective is to improve treatments, diagnoses and quality of life for patients but will also lead to £13m in business opportunities and will develop Ireland's capabilities as an innovation island.

The BioBusiness ABC model is industry-led and has already delivered similar programmes to facilitate partnerships for new product development and research support. This initiative is also a further example of how collaboration between business and academia, North and South can work in tandem to foster new business opportunities.

The two-year project will focus on developing three new business market and product developments in the connected and personalised medicine markets.

These markets have been chosen because of the huge scope of opportunity and market potential that exists and because of the significant all-island capability that exists amongst academics, business and clinicians in this area, North and South.

Commenting on the initiative, Margaret Hearty, Director of Programmes and Business Services said: "This is a very exciting industry-led initiative which aims to create new and innovative products that we can bring to market across the island.

"This initiative is focused on commercialisation and is an example of how we can use collaboration, North and South to identify concepts which will yield product development, thus driving industry and job creation.

"The areas of life and health technologies offer huge potential for both economies on the island. This is an established sector, where much expertise has been developed. Our role now is to harness this by establishing stronger links between research and industry to commercial benefit which will improve our reputation internationally."

Also commenting, Peter Donnelly, Chief Executive of BioBusiness added: "Our ABC model has delivered considerable value in the past and we plan to draw on this strength to impact on All-Island healthcare opportunities.

"There is so much excellent research happening across this island and our focus will be to foster stronger links across the range of academia, clinical and industry.

"We are excited that this collaboration, which is industry led but patient focused will develop new and innovative solutions for patients both in Ireland and internationally."

Other partners in the project are HSC Innovations and HSC R&D Division, C-TRIC and Dundalk Institute of Technology Netwell Centre.

The market potential for personalised medicine is estimated to be worth $250bn worldwide and in Europe, the connected health market is currently worth €1.7bn and growing at 40% per year.

(BMcC/KMcA)