Enterprise Ireland has teamed up with the prestigious Mayo Clinic in the US to co-develop and commercialise 20 new medical technologies in Ireland over the next five years.

The Government will provide €11.7 million through Enterprise Ireland’s commercialisation fund to bring the technologies to market.

This will involve further development and validation of the technologies by research teams in Irish Higher Education Institutes, as well as introductions to investors to bring the technologies to markets.

Enterprise Ireland said the aim was to create 10-spin out companies in addition to the licensing and commercialisation relationships in Ireland for each technology.

The first project involving a team from NUI Galway and a device patented by the Mayo Clinic for the treatment of pancreatic cancer is already under way.

Taoiseach Enda Kenny said Ireland was delighted to support the work of Mayo Clinic to develop medical technologies that will benefit patients worldwide.

“This project fits well with the medical technology strategy supported by the Government’s action plan for jobs.”

He also said there was great potential for the job creation in the 10 “spin-out” companies.

Minister for Jobs, Enterprise and Innovation Richard Bruton said the collaboration would further enhance Ireland’s reputation as a venue for commercialising advanced medical technologies.

Speaking at the announcement, Mayo Clinic vice president Jeff Bolton said: “This collaboration with Enterprise Ireland provides a unique way of furthering the research and development of novel technologies that have high potential to make a different in patient care, alleviating the burdens of human disease.”

“We expect that this collaboration will pay dividends in the US as the commercialised technologies will be sold in the US for the benefit of patients.”