Today, Minister Conor Murphy, Minister for the Economy, Northern Ireland and Minister Dara Calleary, Minister of State for Trade Promotion, Digital and Company Regulation in Ireland jointly launched the All-Island Oncology Industry Report. This comprehensive report captures the current oncology and allied digital health industry landscape, and highlights the transformative economic impact that a well-functioning oncology and digital health ecosystem could have on the island of Ireland.
Conor Murphy, Minister for the Economy, Northern Ireland said: “I welcome the publication of today’s industry ecosystem report by the All-Island Cancer Research Institute. The report highlights the existing strengths of the innovative life and health sciences sector across the island and outlines the significant economic opportunities offered by co-operation in the all-island economy.
Enhanced all-island clusters in areas such as life and health sciences are critical to my own vision for the economy. I intend to make the most of all-island economic co-operation, and the north’s unique dual market access, to improve productivity, create good jobs, address regional economic imbalance, and maximise our net zero economy.”
The report predicts the economic benefit that can be delivered in oncology and allied digital health, by fostering an ecosystem that is underpinned by research and innovation in these two prominent and inter-related sectors.
Dara Calleary, Minister of State for Trade Promotion, Digital and Company Regulation said: "I am delighted to be here with my colleague Minister Conor Murphy to jointly launch this important and I hope influential report. It is an invaluable source of intelligence on the oncology and digital health economic landscape on the island of Ireland and its potential to drive our respective economies. My congratulations to the All Island Cancer Research Institute and its vision in commissioning this report, which I'm sure will be widely read and acted upon."
Evaluating the current landscape and economic potential of precision oncology/ digital health on the island of Ireland was commissioned by the All-Island Cancer Research Institute (AICRI) with support from InterTradeIreland’s Synergy initiative.
The report recommends the creation of an All-Island Oncology Innovation Cluster that would fast-track the delivery of new business opportunities at the academia-industry intersect, foster all-island and international collaboration, create high value jobs and attract investment including venture capital, across the island of Ireland.
Margaret Hearty, CEO of InterTradeIreland said: “The All-Island Oncology Industry Ecosystem report highlights the value of cross-border collaboration and working together to address shared challenges and take advantage of growth opportunities. InterTradeIreland has been an enthusiastic supporter of this project, and the work of the All-Island Cancer Research Institute in creating all-island opportunities to date. There is great opportunity ahead and I am positive that future partnership and collaboration will lead to more research, projects, jobs, productively and ultimately enhanced health for the people across this island.’’
The report highlights how Northern Ireland has a thriving indigenous sector with a focus on diagnostics and digital enterprises, a higher proportion of university spin-outs and how investments through the Belfast Region City Deal (e.g. Momentum One Zero) and vision for future industry cluster development could be transformative, while Ireland has a high concentration of large multinationals, with a focus on drug manufacturing and digital health, supported by a strong research ecosystem.
Professor William Gallagher, Professor of Cancer Biology, UCD School of Biomolecular and Biomedical Sciences, UCD Conway Institute Fellow and Co-Lead of AICRI said: “I am delighted that the All-Island Cancer Research Institute, through key funding from InterTradeIreland under the Synergy programme, has been able to commission this highly informative landscape analysis of the industry ecosystem in oncology and allied digital health across the island of Ireland. This report provides key recommendations to further enhance and integrate an already vibrant, albeit somewhat fragmented, sector in the life sciences. This work builds on our ongoing effort to create an overarching framework for cancer research and innovation across the island of Ireland.”
The oncology and allied digital health sectors have huge economic potential and have experienced considerable growth since the 1990s. The global cumulative revenue of all companies operating on the island of Ireland which offer oncology and allied digital health products and services, reached just under €2.4 trillion in 2022. It is projected to soar to over €10.7 trillion by 2032, a rise of 346%.
Professor Mark Lawler, Professor of Digital Health at Queen’s University Belfast and Co-lead of AICRI said: “We have a huge opportunity here to deliver something truly transformational on the island of Ireland, through a cross-border approach that enhances both the health and wealth of our citizens and society. Cancer knows no borders. Current initiatives such as the Future Medicines Institute and Momentum One Zero, and the All Island Oncology Innovation Cluster proposed in this report can be game changers, driving innovation and acting as magnets to attract foreign investment to this island.”
Collaboration is key to maximising the economic potential of the oncology and allied digital health sector on the island of Ireland. This involves increased collaboration and innovation across academia, industry and the public sector, as set out in this InterTradeIreland funded report.
Read the full report here.