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Last Updated: Sunday, 20 May 2007, 12:03 GMT 13:03 UK
Life sciences 1bn economic boost
Dundee was named as a hotbed for bio science research.
The life sciences sector contributes about 1bn to Scotland's economy, it has been revealed.

A report by the Young Company Finance Special found the sector's annual turnover was about 2.5bn.

The review also found the industry employs an estimated 30,000 people, across more than 590 organisations.

Dundee was cited as a hotbed for bio-science research. It is the most active centre of its kind in the UK, outside Oxford and Cambridge.

The city houses dozens of the UK's top research firms.

Scotland is experiencing steady growth and has world-class capabilities that will enable it to be a world leader in the sector
Ken Snowden
Scottish Enterprise

Ken Snowden, director of Scottish Enterprise's life sciences team, said the finding was encouraging for Scotland's economic future.

He said: "What we have to remember is that the global life sciences industry is still in its infancy and is expanding rapidly as a result of increased demand for better healthcare products and new treatments.

"This report, however, shows that Scotland is experiencing steady growth and has world-class capabilities that will enable it to be a world leader in the sector."

Mr Snowden said he was expecting to see further growth in the sector over the coming years, as more and more products are researched in Scotland.

Further research

The life sciences report will be officially launched in Glasgow at BioEquity Europe 2007 - Europe's largest investment conference for the life sciences sector.

More than 600 representatives from Europe's investment community will gather for the event, where Scottish companies will be hoping to raise millions of pounds for further research.

This is the second time that Scotland has hosted the conference, after Edinburgh in 2004.

Jonathan Harris, editor of Young Company Finance, said: "Scotland's reputation for innovation is alive and well in the life sciences sector.

"Our report gives examples of many young companies, over a wide range of activities and stages of development, which are commercialising world-class science and technology.

"We can expect to see several of them achieve global recognition as they mature."

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