Minister for Jobs and Innovation Richard Bruton has announced an investment of almost €30m in young and growing Irish healthcare companies.

The investment is being made via a specialised US venture capital company which the Government has persuaded to set up in Ireland, as part of the investment.

Enterprise Ireland and the National Pension Reserve Fund are putting $37.5m (€30m) into a fund that invests in young companies in the life sciences and medical area. That money goes into a company called Sofinnova Ventures, a well-known American healthcare venture capital company, based in San Francisco in California.

Sofinnova will set up in Ireland and will invest in Irish life science and healthcare companies. Healthcare is one of the few areas of the economy that has grown, even as the financial crisis has engulfed the country.