JOBS and Innovation Minister Richard Bruton has announced a €30 million investment in young and growing Irish healthcare companies.
The investment is being made via a specialised American venture capital company, which has agreed to set up in Ireland, as part of the deal.
A total of $37.5m is being put into the fund by Enterprise Ireland and the National Pension Reserve Fund.
Sofinnova Ventures, a well-known US healthcare venture capital company based in San Francisco will benefit from the investment and set up in Ireland.
It will then invest in Irish life science and healthcare companies.
Healthcare is one of the few areas of the economy that has grown in recent years.