October 2010 Covidien Announces R&D Investment with NUI Galway

Covidien, a leading global supplier of healthcare products, today announced that it is investing €900,000 in medical technologies research and development projects with NUI Galway, during the next two years. This is the first phase of a multi-part investment of €1.8 million with Irish academic institutions which Covidien announced in July. Covidien has engaged in discussions with IDA Ireland, Ireland s investment promotion agency, to establish three collaborative programmes to support active technology development projects. Today's announcement details two of the highly innovative projects, in Editor's Notes below, with information about the third project to follow in the coming months. The announcement was made today in Dublin and was attended by the Minister for Health and Children, Ms Mary Harney T.D. Speaking at the announcement, Minister Harney said: "University-based facilities enabled by this collaboration with Covidien will help to ensure that Ireland continues to produce high-quality researchers who can innovate new technologies and design robust scientific research. This ultimately produces the valuable data that furthers patient health and safety." Speaking about Covidien's investment, Scott Flora, President, Surgical Devices, Covidien, said, "The medical devices sector in Ireland has a legacy of innovative products and is of critical importance to the country's economic recovery. We are dedicated to R&D in partnership with IDA Ireland. We believe the medical devices and health sectors will be a thriving part of Ireland's business growth and high-technology job creation in the future." Through these collaborative programs, Covidien hopes to incentivise students to choose science as a career and promote the continued growth and prosperity of the medical devices sector in Ireland. Barry O'Leary, CEO, IDA Ireland, added, "Ireland is recognised as a key global hub for medical technologies, employing the highest medical technologies personnel per capita in Europe. Nearly 60% of the sector's companies are now carrying out R&D functions here and today's announcement is another great example of how the unique collaboration between Government, industry and academia in Ireland can assist global companies such as Covidien to meet their R&D needs." The project involves a number of research groups based in the National Centre for Biomedical Engineering Science (NCBES) at NUI Galway including the Network of Excellence for Functional Biomaterials (NFB) and the Centre for Pain Research (CPR). Speaking at the event, Vice-President for Research at NUI Galway Professor Terry Smith said "NUI Galway is delighted to be part of this investment by Covidien for research to be led by Professor Abhay Pandit, Director of the Network of Excellence for Functional Biomaterials and Dr David Finn, Lecturer in Pharmacology and Co-Director of the Centre for Pain Research. It is yet another tangible benefit arising from the Government investment in R&D in Ireland and acknowledges the part which Irish research plays in translating research from the bench to the clinic." Earlier this year, Covidien announced an investment of €11 million in a state-of-the-art European Services Centre in Cherrywood Dublin. The centre employs 200 people who manage sales and marketing, customer services, credit control, contracts and pricing, and import and export functions for 16 European countries. Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2009 revenue of $10.3 billion, Covidien has 42,000 employees worldwide in more than 60 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business. -Ends-