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£17m for Scottish life sciences

Scotland's life sciences sector will receive a £17 million boost from the UK Treasury, the Chancellor will announce.

George Osborne will also announce £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 is expected to say: "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.

"And 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."

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."


From Belfast Telegraph