LiSAB aims to double Scotland's life sciences sector by 2020
Will focus on anchoring, building and attracting key businesses, people and capital to the region
The Life Sciences Advisory Board (LiSAB) aims to double the size of the life science sector in Scotland by 2020 and has formulated a strategy to achieve this.
The LiSAB outlines the need to anchor, build and attract key businesses, people and capital to build on Scotland’s existing capabilities in the life sciences sector. It anticipates that it will double turnover within the sector from £3.1bn to £6.2bn by 2020, while also doubling the sector’s contribution to the Scottish economy from £1.5bn to £3bn.
Scotland currently has a diverse life sciences base with more than 640 organisations, employing more than 32,000 people. Since 1998, the sector has grown at annually at a rate of 6%, increasing turnover from £1.8bn to £3.1bn.
Between 2005 and 2009, Scotland had the UK’s highest number of life sciences start-up per head of population (UK Life Sciences Start Up Report 2010, Mobius Life Sciences).
Last year, Scottish life sciences companies raised £37.4m in venture funding – more than three times the 2005 figure.
The LiSAB wants to build on Scotland’s existing strengths in medical technologies and pharmaceutical services. It also aims to capitalise on prior investment in Scotland’s research and development, particularly in areas such as stem cells and regenerative medicine and clinical/translational medicine.
LiSAB has also identified a number of new opportunities for Scotland arising from global economic and health trends, which could deliver significant economic impact in the future. These include areas such as assisted living, stratified medicine, wellness and sustainability.
In delivering the long-term goals of the strategy, LiSAB believes that the life sciences sector can become a primary driver of both wealth creation and health promotion in Scotland.
Dr John Brown, co-chair of the LiSAB, said: ‘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.’