Scotland launches strategy to grow its life sciences sector, now worth L2.8 billion

Scotland has announced a new strategy aimed at ensuring it can become one of the world's top locations for life sciences by 2020. Launching the project at a Scottish Enterprise Life Sciences dinner, Cabinet Secretary for Finance and Sustainable Growth John Swinney highlighted the fact that the sector currently adds more than L2.8 billion ($5.53 billion) to the nation's economy and is growing at 8% per annum, four times faster than that of Scotland as a whole.

He told some 750 representatives of from the life sciences community that this "is an industry that can boost investment in Scotland, and with Scottish expertise, develop revolutionary and potentially life-saving technologies. Our highly skilled and innovative life sciences sector is central to the government's goal of giving Scotland a competitive edge and increasing sustainable economic growth. We welcome the contribution this strategy makes to equipping the sector in Scotland with the expertise and skills needed to lead global developments." Mr Swinney added that "great innovations such as the Edinburgh bio-quarter have enhanced Scotland's position on the global stage for life sciences and the government will build on these excellent foundations."

The five key components of the strategy, which has been dubbed 2020 Vision: Achieving Critical Mass, are: