Irish industry must "innovate or capitulate", according to the Minister of State for Science, Technology and Commerce, Mr Michael Smith.
Speaking at the opening of a new product development centre at Boston Scientific Corporation in Galway, Mr Smith said future economic prosperity would depend on companies which can compete on the world stage "through innovative products using advanced research and technology".
He said up to 60 per cent of economic growth throughout the world was being driven by technical advances. "The recently published Survey of Product and Process Innovation in Irish Industry 1993/1995 showed that 26 per cent of companies in Ireland engaged in continuous research and development, while 52 per cent did some R & D during the period, spending together some £400 million in 1995.
"These are encouraging figures representing a positive trend, but we must bring more and more Irish companies into this net."
The company, which employs 1,200 people and makes non-invasive medical equipment, plans to staff the new development centre with up to 60 specialists in cardiology, vascular and non-vascular medical products.
It represents an initial investment of $5 million (£3.4 million), according to Boston Scientific.
The company's vice-president of international operations, Mr Bernard Collins, praised the employees at the Galway plant who, he said, had facilitated its rapid growth.
