Randox investing £50m on research & development
'Centres of excellence' to work with universities
Northern Ireland medical diagnostics firm Randox Laboratories is to invest £50m on developing technologies to diagnose conditions like cancer and infectious diseases.
The company, which employs around 1,200 people, said it's setting up 'centres of excellence' in three of its premises, where scientists will work with academics from Queen's University and Ulster University.
Randox Laboratories' parent Randox Holdings is based in Crumlin and also has research and development and manufacturing operations in Massereene in Antrim, as well as Donegal and Bangalore. The firm also operates Randox Health clinics in Crumlin, Holywood and in London.
In its most recent results, Randox Holdings reported pre-tax profits of £12.3m on sales of £100m. The company says that its medical tests can reduce the burden on healthcare services. Its first 'centre of excellence' has now opened in Antrim.
Founder and chief executive Dr Peter FitzGerald said "sophisticated diagnostics" would be key to the future of healthcare.
He said: "When almost a quarter of the deaths of people under 75 in the UK are considered preventable, we need to ask ourselves what can be done to improve healthcare outcomes.
"There is an undeniable case for radical change in the way healthcare is delivered, and sophisticated diagnostics will be at the fore of this revolution."
Economic development agency Invest NI said it's providing £23m in support towards the investment. And of that £23m, £5m will go towards Ulster University and Queen's University projects.
Invest NI chief executive Alastair Hamilton said: "Randox has a long history of investing heavily in innovation and R&D, which has enabled it to create a globally competitive export driven business, capable of developing world leading research.
"This major investment will enable Randox to perform cutting-edge R&D which has the potential to revolutionise the global healthcare industry. This is excellent news for NI's life and health sciences sector."