CONVERGENCE WILL provide new business opportunities for Irish-based life sciences, ICT and food companies and the economy, according to an upcoming conference.
The two-day event, which is supported by employers' body Ibec and Government agencies Enterprise Ireland, IDA Ireland, Invest NI, InterTradeIreland, SFI, Fás and Forfás, will concentrate on Ireland's potential to become a global centre for convergent technology development.
Recent research by McKinsey estimates that the market for converging bio-, info- and nano-technologies could exceed $1 trillion by 2010.
"Convergence has been happening for some time in a very meaningful way in the medical device sector with combination products. For instance, you might have drugs on a stent or an antibiotic coating on a urinary catheter, so there has been some history of convergence," says John O'Dea, chief executive of Crospon and chairman of the Irish Medical Devices Association RD working group.
"Here we are talking about combinations beyond that, for instance, combining drugs with electronics or combining greater data interaction with medical devices. You have already started to see examples of this in the biospace."
Supporters claim Ireland is particularly well suited to this type of convergence because of its current high density of world leading companies within short travelling distance of each other, and the ability to produce the goods.
Helen Ryan, chairwoman of the Irish Medical Devices Association and chief executive of Creganna, warns that Ireland needs to retain high-end manufacturing facilities if convergence of this type is to take off. "The value creation is in commercialisation - research is a means to an end.
"It is incorporating higher technology, therefore we need high-tech manufacturing base to translate that into products and bring them to market."
The Irish economy has suffered a number of high-profile job losses in the manufacturing sector in recent times, although many have been in lower skilled manufacturing facilities that have moved to cheaper economies.
"We need to work hard at keeping it - I feel like we've almost written it off," says Ms Ryan.
The approaching skills gap that is predicted to hit the Irish market may also prove a hindrance to developing Ireland as a global leader in convergent technology.
Ms Ryan says this could be solved by changing the approach to how high-tech subjects are taught in the school curriculum, making them more interesting and appealing to students.
"There is a huge opportunity here presenting itself to us. We have the right industrial bases here to deliver next generation of convergent technology."
The Meeting of Minds conference will take place on June 17th and 18th in the Crowne Plaza at Dublin airport.
