£17M BOOST FOR LIFE SCIENCES SECTOR
Scotland's life sciences sector will receive a £17 million boost from the UK Treasury, the Chancellor has announced.
George Osborne also announced £1.7 million to help grow new businesses in Scotland during a visit to Glasgow.
The UK Government will provide £16 million towards a new £64 million Stratified Medicine Imaging Centre of Excellence at the new South Glasgow Hospitals Campus.
It will also contribute £1.2 million to a £4 million MediCity Scotland facility which will bring together academics, entrepreneurs, clinicians and business support services to bring new healthcare services and medical technology to the market.
New businesses will benefit from £1.7 million towards a £4 million centre for business incubation, development and recovery in Glasgow's Merchant City.
The rest of the funding will be provided by partners in Glasgow including the Scottish Government, Scottish Funding Council, Glasgow City Council, the University of Glasgow and the University of Strathclyde.
Speaking at the Commonwealth Games Business Conference, Mr Osborne said: "The UK Government will invest £16 million to support the new £64 million Stratified Medicine Imaging Centre of Excellence at the impressive new South Glasgow Hospital.
"This is a hugely exciting new technology that has the potential to improve radically treatments for chronic diseases including cancer, diabetes and dementia - with treatments tailored to the patient's DNA.
"It's a major investment in Glasgow's growing life sciences industry which will keep them at the cutting edge in this global race.
"Second, we're going to invest over £1 million to help establish a MediCity Scotland campus on the outskirts of Glasgow.
"Medical technology is already big business here, with ever more spin-outs emerging from universities here.
"We're backing them today with this new space where academics, entrepreneurs and clinicians will come together to develop new technologies and new businesses.
"Third, we are going to invest in a new business incubator in the heart of Glasgow's historic Merchant City.
"It'll house up to 125 businesses over the first five years, providing them with the very best facilities and mentoring so they can thrive.
"These initiatives, taken together with the infrastructure fund, have the potential to create almost 30,000 jobs in the area."
Scotland's Finance Secretary John Swinney said: "This funding builds not only on the £1 billion of Scottish Government investment in the new Southern General Hospital, without which these new life sciences investments would not be possible, but also on the excellent reputation of Scotland's universities which make Scotland the best-educated country in the EU.
"The Scottish Government has committed to match in full the funding announced last month for Glasgow's City deal, a proposal which we understand consists of just £15 million a year for the first five years, with future years' funding contingent on a review at the end of the first five-year period.
"As well as matching the UK government funding now, we will also guarantee this funding to Glasgow when Scotland becomes independent.
"That funding is dwarfed by the Scottish Government's ongoing investment in Glasgow.
"Investment in the Commonwealth Games, the new Southern General hospital, Fastlink and the Glasgow Subway improvements alone amounts to a massive £1.5 billion in capital spend - that is Scottish Government investment in jobs and infrastructure happening now. We have also provided capital funding of £1.1 billion to Glasgow City Council since 2008."
Chief Secretary to the Treasury Danny Alexander said: "Scotland has a phenomenal record in the life sciences sector.
"I am determined that this record is extended well into the future and the £16 million that the UK Government is providing towards a new Stratified Medicine Imaging Centre of Excellence at the new South Glasgow Hospitals Campus should help to ensure that."
Glasgow City Council leader Gordon Matheson said: "The City Deal will transform the Glasgow city region. It is the best example of partnership between local and central government.
"The Imaging Centre of Excellence will put Glasgow at the forefront of cutting edge medical research. This will mean not only better health for Glaswegians but, crucially, more sustainable, high value jobs."
Scott Johnstone, chief executive of the Scottish Lifesciences Association, said: "The life sciences sector is vital to the future of the Scottish economy.
"The key to generating economic growth in Scotland from this welcome investment is to ensure that the innovation centres work closely with Scottish life sciences businesses in all that they do. We look forward to helping to facilitate this."
