'How we can double our life sciences business'

SCOTLAND can double the turnover of its life sciences sector to £6.2 billion by 2020 by attracting inward investment and strengthening its supply chain, according to a new report.

The Life Sciences Advisory Board (Lisab) - which brings together government, industry and universities - said the sector should also be able to double the gross value it adds to the Scottish economy to 3bn over the same period.

In its refreshed life sciences strategy, which was published yesterday, Lisab said Scottish firms must focus on areas such as medical technologies and pharmaceutical services in which they already have strengths.

But the board also identified new areas - including assisted living, personalised medicine and wellbeing - into which Scottish companies should expand.

John Brown, Lisab's co-chair, 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."

Rhona Allison, senior director of life sciences at Scottish Enterprise, hailed the investments already being made by international companies including GlaxoSmithKline and Toshiba.

She said that projects such as the Edinburgh BioQuarter building and the Scottish Centre for Regenerative Medicine would help to attract fresh investment, along with scientific developments that could be commercialised by Scots firms.