The Scottish life sciences sector is in rude health and contributes more than £1 billion a year to the economy, according to a new report
The Young Company Finance Special Report: Life Sciences in Scotland was launched at BioEquity Europe 2007 - Europe's largest investment conference for the life sciences sector - where Scottish companies will be hoping to raise millions of pounds in funding.
The Young Company Finance report finds that current company turnover for Scottish life sciences companies is £2.5 billion per annum and the sector now employs around 30,000 people in more than 590 organisations.
A number of organisations contributed to the report including BioEquity Europe hosts Scottish Enterprise, Ernst and Young, BIA Scotland, Scottish Development International, ITI Life Sciences and Connect.
"The contribution of £1 billion by the life sciences sector is hugely encouraging for Scotland's economic future," says Ken Snowden, director of Scottish Enterprise's life sciences team.
"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.
"What these figures don't take into account is the long lead times for drug development when a company is investing tens of millions in R+D to take their products to market and become profitable.
"As a result, we can expect to see further substantial growth over the coming years, particularly as we see world class developments such as Edinburgh BioQuarter and the Scottish Centre for Regenerative Medicine deliver the critical mass of commercial activity required to make a long term and sustainable impact on the Scottish economy".
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".
The Young Company Finance report's findings back up evidence that the life sciences sector in Scotland is becoming increasingly attractive for private investors.
Ken Snowden said: " We need to continue to attract private investment in the sector to enable it to grow and that is why hosting events such as BioEquity Europe is so important to maintaining Scotland's international profile in life sciences".
More than 600 representatives of Europe's investment community will gather in Glasgow for the prestigious BioEquity Europe conference.
It will be the second time that Scotland has hosted the conference, following its successful run in Edinburgh in 2004.
Six Scottish companies have been shortlisted to present their businesses to an influential group of international investors at the conference, which is being hosted by Scottish Enterprise.
Biotechnology companies: Antoxis, Ardana, CXR Biosciences, Cyclacel Pharmaceuticals, Haptogen, and Prostrakan will take part in the conference which involves 75 presentations from leading European life sciences companies making a pitch for new investment.
BioEquity Europe 2007 is organised by BioCentury, a major worldwide provider of business intelligence which influences the decisions made by bio-industry leaders and investors, along with EBD Group and the Biotechnology Industry Organisation.
