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Scottish biotech gets £11m vote of confidence

Minister announces investment to keep Scotland at forefront of innovation.

14 Sep 2018

Scotland’s national innovation centre for industrial biotechnology is to receive a new £11 million investment from the Scottish Government.

The funding will be invested by the Scottish Funding Council, Scottish Enterprise and Highlands and Islands Enterprise over the next five years. It will support the Scottish Government’s National Plan for Biotechnology by contributing 500 jobs to the 1,400 jobs the National Plan aims to create.

The funding was confirmed yesterday by Minister for Trade, Investment and Innovation, Ivan McKee who said: “This investment builds on the £120 million already invested in Scotland’s eight innovation centres which are already having a transformational effect on our economy.

“Scotland has the natural resources and infrastructure that make it the perfect place for Industrial Biotechnology to thrive, bringing significant economic benefits. I am pleased to confirm that the Scottish Government, through our national agencies, is able to invest £11.1million to support IBioIC to drive forward Scotland’s Industrial Biotechnology sector.”

Over the next five years, (IBioIC) will focus on key areas including leadership, accelerating commercialisation and creating a skilled workforce. There are now over a hundred members of IBioIC, including multi-national companies, public sector organisations and newly formed microenterprises.