Scotland’s Life Sciences sector generated record turnover of
nearly £10.5 billion in 2021, new statistics show.
It represents an increase of £1.7 billion on the newly revised
2020 figure and is well above the industry’s target of reaching
£8 billion by 2025.
Critical work in response to the Covid pandemic is one of the key
reasons for a 19% increase in turnover within the space of a
year. Business turnover across the sector, which employs more
than 44,000 people, has now tripled since 2010.
Innovation Minister said:
“With Scotland’s world-renowned expertise in innovation, academia
and research, our Life Sciences sector is a strategic economic
priority and it’s why, In 2017, industry and government set out a
new strategy with a bold aim to increase the value of the sector
in Scotland to £8 billion by 2025.
“To surpass this figure by more than £2 billion demonstrates the
phenomenal progress being made and is testament to the hundreds
of companies and thousands of employees who drive one of Europe’s
leading life sciences clusters.
“These figures reflect the vital work undertaken across the
sector during the Covid pandemic. This not only saved lives but
demonstrated Scotland’s capability to lead in the life sciences
arena. It is a performance that has positioned us as a global hub
for life science innovation and expertise with enormous potential
for future growth.”
Background
More - Growth sector statistics -
gov.scot (www.gov.scot)
The latest year’s figures are always provisional until the
following year, when they may be revised due to late returns and
made final. The results for 2020 have been revised up to £8.8
billion.
The ambition to generate turnover of £8 billion a year by 2025
was set out in Life Sciences Strategy for
Scotland: A Vision for 2025.
