Dive Brief:
- Boston Scientific plans to invest 75 million euros ($88.5 million) into expanding research and development capabilities in Galway, Ireland.
- The planned expansion will focus on cardiovascular innovation, including laboratories built for designing, developing and testing new therapies, investment promotion agency IDA Ireland said Wednesday.
- The Irish government will financially support the plans through IDA Ireland.
Dive Insight:
Boston Scientific is targeting cardiovascular devices as the segment drives growth for the firm. The company’s cardiovascular business grew 23% last year. Pulsed field ablation, a minimally invasive heart arrhythmia treatment, has been a focus for the company, and Boston Scientific’s Agent drug coated balloon “has been a standout performer all year,” CEO Mike Mahoney said in a February earnings call.
Boston Scientific’s plans for the Galway expansion include supporting priority programs across structural heart, cardiovascular and endoscopy. The company also plans to support emerging technologies in heart failure and renal denervation, a new blood pressure treatment that Medtronic and ReCor Medical received Food and Drug Administration approval for in 2023.
“We are seeing strong momentum across our cardiovascular business, and this investment reflects the important role the Galway site plays in that progress,” Lance Bates, president of interventional cardiology and vascular therapies, said in a statement. “The local team is delivering complex, highly collaborative work that is advancing meaningful innovation for patients.”
Boston Scientific currently has sites in Galway, Cork and Clonmel, Ireland, with more than 7,000 employees across them. Boston Scientific spokesperson Chanel Hastings wrote in an email that the investment is focusing on advancing the scope and sophistication of the work in Galway rather than creating new roles.
“We already have a well-established R&D team, and these new facilities and capabilities are designed to enable more complex, next-generation and innovation-led work,” Hastings wrote.
Devices exported from the Galway facility include drug-coated devices, vascular balloons and esophageal stents.
