Category: Uncategorized

HIHI 2019 call pitches – postponed

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Health Innovation Hub Ireland launched its third annual open and focused call last December, which ran until the end of January. As with every year, the next stage for successful applicants is pitching to a panel of clinical experts and stakeholders. The panel assess each product prior to  final applicants progressing to pilot and validation stage.

Due to the current health situation  all companies progressing to the second stage have been informed that pitching has been postponed. HIHI looks forward to sharing revised dates, when in a position to do so.

In the meantime, the HIHI Covid-19 Solutions Portal is open – here. Healthcare businesses should submit ‘ready to implement’ solutions, both urgent and longer term, to the portal. HIHI will endeavor to make it available to those who need it.

For further information or any questions: info@hih.ie

Government supports for business in response to COVID-19

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From the Department of Business Innovation and Enterprise (DBEI) here are some practical steps you can take:

  1. Talk to your bank

All the banks have announced that they will offer flexibility to their customers, and they may be able to provide payment holidays or emergency working capital facilities.

  1. Take immediate steps to manage your cashflows

Look for scope to:

  • Lower variable costs
  • Delay discretionary spend
  • Extend your payables
  • Expedite your receivables
  • Explore supply chain financing options
  1. Use available government supports for working capital
  • The Credit Guarantee Scheme supports loans up to €1 million for periods of up to 7 years. Applications can be made to AIB, Bank of Ireland and Ulster Bank. Eligibility criteria apply.
  • Microenterprises can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. The terms include a six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Loans are available at an interest rate of between 6.8% and 7.8%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie. Eligibility criteria apply.
  • The €200m SBCI COVID-19 Working Capital Scheme for eligible businesses will be available within the next week. Maximum loan size will be €1.5 million (first €500,000 unsecured) and the maximum interest rate will be 4%. Applications can be made through the SBCI website at sbci.gov.ie. Eligibility criteria apply.
  • €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme is available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
  1. Get advice

Get advice from your accountant or use the advisory support available from your local LEO.

  1. Check your insurance cover

Check if your insurance policy covers you for an interruption in your business, or a temporary business closure, caused by COVID-19.

  1. Engage with Revenue

If you have concerns about your ability to pay your tax liabilities speak to the Revenue Commissioners, who have advised:
“On an on-going basis, Revenue engages with viable businesses experiencing temporary cash flow or trading difficulties that affect the timely payment of tax. Revenue works very successfully with businesses that engage early to resolve their tax payment difficulties. Revenue will engage with any viable business that experiences temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak.” See www.revenue.ie.

Revenue has also posted advice for businesses experiencing trading difficulties as a result of COVID-19. This includes information on tax returns, the application of late payment interest, debt enforcement, tax clearance and customs.

  1. Be aware of government supports
  • Employees of businesses that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short-time Work Support.
  • The Department of Employment Affairs and Social Protection has introduced a refund scheme for employers. Under an arrangement developed with Revenue, employers who have to temporarily lay-off staff and who are not in a position to make any wage payment to them, are asked to keep their employees on the payroll and pay them an amount of €203 – the equivalent of the COVID-19 Support Payment. When they submit payroll returns to Revenue via their payroll provider, Revenue will refund the employer the €203. Please see COVID-19 Employer Refund Scheme for full details.
  • For those workers who have been laid off without pay, there is no need to visit an Intreo Centre. The DEASP has introduced a new support payment for the self-employed who have lost business and to those who have lost employment as a result of the COVID-19 pandemic, the COVID-19 Pandemic Unemployment Payment. This support pays a flat rate of €203 per week for a six-week period.
  • The full range of Enterprise IrelandIDA IrelandLocal Enterprise Office and Údarás na Gaeltachta grant supports will be available to firms to help with strategies to innovate, diversify markets and supply chains and to improve competitiveness.
  • The Department of Employment Affairs and Social Protection and the Department of Business, Enterprise and Innovation will provide a joint First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to provide tailored supports for impacted firms, with objective of avoiding mass lay-offs and buying time for firms to work through the short-term disruptions.
  • A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews.
  • In addition to their current range of business supports to microenterprises, LEOs can also provide business continuity vouchers from €2,500 to assist in preparing any business continuity issues that arise in the current challenging environment. Visit LEOs COVID-19 Business Response for further details.
  • Enterprise Ireland has a number of supports available to help businesses mitigate the impact of Covid-19. Their COVID-19 Business Response Plan outlines the COVID-19 supports available.
  • The Department of Health has prepared COVID-19 guidance for supply chain workers.

 

 

 

 

 

 

 

Presentation on Medical Device Regulations – 20th March – ILAS, NUI Galway

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Legislators, Regulators and Innovators-The EU Medical Device Regulatory Matrix

This is for anyone developing or thinking about developing a medical device or diagnostic device who would like to learn more about the regulatory landscape.

 

Guest:      David Scott, Senior Associate with BHSM Solicitors

When:       Friday 20th March 2020

Time:        2:00- 5:00 pm

Where:      ILAS Building NUI Galway

Webinar link HERE

 

Contact:     Eimer O’Connell, HIHI, (eimer.oconnell@nuigalway.ie)

 

https://www.eventbrite.ie/e/legislators-regulators-and-innovators-the-eu-mdr-matrix-tickets-94180906627

Continued success with international expansion for ViClarity

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Press Release – ViClarity Join With US Regulatory Consultancy & Services Company To Strengthen Its Position In The Global Marketplace

 

Tralee, Co Kerry – 18th February 2020 – Leading Governance, Risk & Compliance (GRC) technology provider ViClarity have today announced it has joined with PolicyWorks LLC, a US consultancy and services firm who specialize in compliance. Through this strategic alliance, ViClarity will strengthen its position as a leading global provider of GRC solutions. The combining of companies will see ViClarity more than double in size providing an opportunity to grow the business globally.

ViClarity is widely regarded as one of the world’s most innovative Regtech companies having recently been named “Best Operational Risk Solution” by Insurance ERM. ViClarity has a proven track record allowing organisations to effectively identify, monitor, score and report on Audit, Risk and Compliance issues.

The agreement will see ViClarity continue to grow and expand its European headquarters in Tralee while gaining a team of resources in the US. This will enhance their ability to provide best in class services to clients and to further develop the software, offering new and exciting solutions and features to clients. ViClarity will continue to be headquartered in Tralee, Co. Kerry with US offices in Boston, Massachusetts and a new office in Des Moines, Iowa where PolicyWorks is located. ViClarity CEO, Ogie Sheehy, will oversee European business activities as CEO, European Business and Global CIO.

PolicyWorks serves nearly 1200 organizations across the US offering compliance and audit consultancy services and brings resources, vision and expertise in helping clients resolve their most challenging compliance issues.

Today the two organizations announce their alliance stating “Together Is Stronger” as governance and risk functions continue to cross paths with compliance. The combination of strengths will see new services and products developed in 2020 meeting the needs of professionals across the Financial and Healthcare sectors.

“This brings huge opportunities for the company and the ViClarity team” said ViClarity CEO Ogie Sheehy. “With PolicyWorks, we are joining with an organization who share our mission and values as well as our goal to make compliance easier for organizations and gives us the on-the-ground resources to expand our footprint in the US marketplace.”

“ViClarity’s architecture and skilled team are exactly what PolicyWorks needs to expand our services into the broader GRC space and support organizations beyond compliance consulting,” said Miriam De Dios Woodward, PolicyWorks CEO.

About ViClarity

ViClarity is an award winning provider of Audit, Risk & Compliance management solutions to the Financial and Healthcare sectors. ViClarity is a global organization headquartered in Kerry, Ireland and with offices in Boston Massachusetts and Des Moines Iowa. Since our foundation in 2008, our GRC management platform is a proven technology solution currently being utilized by more than 300 organizations in the financial services and healthcare sectors.

Our approach is to provide organizations with an intuitive tool that promotes a strong culture of Risk and Compliance while reducing the burden of manual based processes. The solution is designed to provide a centralized platform for Audit, Risk and Compliance and enables organisations to have real time access to data at all times.

About PolicyWorks

PolicyWorks is a national leader in compliance solutions serving more than 1200 organizations across the United States. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. Their team of specialists, deliver a comprehensive menu of audit and compliance solutions. For more information, visit www.policyworksllc.com