The Irish Medical Devices Association (IMDA), the Irish Business and Employers Confederation (IBEC) group that represents the medical devices sector, recently published its 2007 budget submission. The submission calls for a reduction in the excise duty, appointment of a Chief Manufacturing Advisor and enhancements of the R&D tax credit.
“If we are to continue to compete globally, we must keep inflation down, boost productivity and increase the amount invested in R&D. The budget must act to moderate rising inflation and tightly control government current expenditure,” said IMDA Chairman Noel Fogarty.
He continued: “The medical devices sector makes high value products, crucial for the success of the wider economy. Manufacturing deserves and needs the same level of focus and resources from Government as other parts of the economy. IMDA calls for the appointment of a Chief Manufacturing Advisor to compliment and support the role of the Chief Science Advisor.”
“The tax credit scheme is in its third year of operation and will expire at the end of this year, if it is not renewed. IMDA supports the scheme but believes that changes should be made to improve the way it operates. The base period, which is used to calculate the size of the tax credit, should be extended from three to seven years,” he said.
Over 140 companies in Ireland develop and produce medical devices and those companies employ 26,000 and account for 9 percent of Ireland’s total exports at $7.57 billion annually.