Scotland’s Life Sciences Sector to Double by 2020

The Life Sciences Advisory Board (LiSAB) published a refreshed Strategy (21 March) outlining its mission to double the size of the sector in Scotland by 2020.

The document highlights three strategic areas of focus to achieve this ambitious target: anchoring those businesses in Scotland that provide vital skills and market access; building more resilient companies and comprehensive supply chains; and attracting new inward investment and talent that will build on Scotland’s existing capabilities. In doing so, LiSAB anticipates that it will be able to double turnover within the sector from £3.1 billion to £6.2 billion by 2020.

Dr John Brown, co-chair of the Life Sciences Advisory Board, said: “This strategy sets out our aspiration to double the economic contribution of life sciences to the Scottish economy. We seek to create the best possible environment for life sciences businesses to succeed by building on the diversity of our sector, the established reputation of our academic and clinical researchers and the powerfully collaborative nature of Scotland’s life sciences community.”

Cabinet Secretary for Health and Wellbeing Nicola Sturgeon added: “Life Sciences is a key area of strength for Scotland and an industry we are determined to support. That is directly in line with the growth strategy set out in our economic recovery plan which focuses on supporting growth companies, building up growth industries and helping Scottish companies expand into growth markets. LiSAB’s industry strategy sets out what is required from the private sector, the Scottish government, Scottish Enterprise and other enterprise agencies and the wider public sector if Scotland is to make the most of these opportunities. Rhona Allison, senior director of life sciences at Scottish Enterprise, said: “Scotland has the highest number of life sciences start up companies in the UK per head of population and we continue to attract new investment from global players such as Toshiba and Glaxo SmithKline. To ensure we build on these successes, we need to ensure our company base can target new opportunities in the global life sciences market. This means helping them to be more innovative, secure new investment and work more internationally. Projects such as Edinburgh BioQuarter and the Scottish Centre for Regenerative Medicine are also establishing the infrastructure that’s needed to attract new investment and talent to Scotland and we need to continue to encourage greater collaboration in the sector both here in Scotland and Internationally.