Japan's ageing population an opportunity for Irish medical technology companies, says EI chief
There is a 'silver lining' for Irish medical technology companies caused by Japan's ageing population, according to the incoming chief executive of
Enterprise Ireland
(EI),
Jenny Melia
.
Ms Melia, currently the executive director of EI, has joined the Minister for Enterprise, Tourism and Employment, Peter Burke on a joint Enterprise Ireland and IDA Ireland Trade and Investment Mission in Japan.
The mission is set to visit the world exposition in Osaka in the coming days, which Mr Burke described as a 'very significant opportunity' for Irish companies.
'It is no secret that Japan is Ireland's number one objective in growing relations within the Asian region,' the Minister for Enterprise said, noting that the upcoming visit by An Taoiseach Micheál Martin is a 'visible demonstration' of the State's commitment to further developing relation's with Japan, the world's fourth largest economy.
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Mr Burke said the Japanese market was 'very complex' but highlighted the potential 'significant value' for Irish companies able to get a foothold.
He highlighted Equal1 which has launched an 'exciting partnership' with Japanese research facility AIST which he said could 'yield significant results in quantum computing', as well as Aerogen, a Galway-based acute-care aerosol drug delivery company, which is expanding into Japan.
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EI highlighted significant opportunity for medical technology companies in Japan. The market, which has a population of more than 124 million, is forecast to reduce that by 35 million by 2050 due to a chronically low birth rate and an ageing population.
Ms Melia said Japan's 'changing demographics' creates an opportunity for Irish companies.
'One of the sectors we are really strong in is our MedTech sector and our digital health companies,' she said, noting that Irish companies can bring 'healthcare solutions to Japan to support people to live independently for longer'.
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She said there are 7.2 million people in long-term healthcare in Japan, noting that there is a gap for Irish companies to fill in terms of 'slowing down the progression' into such care, as well as supporting Japan with labour force pressures caused by the demographic factors.
'That just gives one example – we will always be looking for the silver lining in somebody else's potential cloud – that is what Enterprise Ireland is about.'
Exports from EI clients to Japan doubled in the last decade, rising to €323 million in 2023, with 50 Irish firms having a permanent presence in Japan, and 23 EI client companies participated in the mission, including ICON plc, Aerogen, Kitman Labs, Fenergo and Druid Software.
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Mr Burke stressed that the investment goes both ways, with Japanese companies the fifth largest investor into Ireland, employing 8,000 workers in Ireland in technology, pharmaceuticals and financial services.
He noted that Japanese pharmaceutical company Astellas is set to invest a further €129 million in its Irish operations between now and 2028.
The company's investment is expected to create 120 new jobs, with a further 500 to be employed in the construction of new facilities, he said.
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