|10 November 2015|
A new state-of-the-art medical technology hub in North Lanarkshire facility will support innovative Scottish businesses working in the sector.
MediCity Scotland, a dedicated medical technology incubation facility based at Biocity Scotland Ltd in Newhouse, North Lanarkshire has been created with the support of £1.012million in capital investment from City Deal, with funding from the UK Department of Business Innovation and Skills, matched with contributions from BioCity Scotland Limited.
The facility is a physical hub for new and existing medical technology and healthcare businesses in Scotland and will be a focus for expertise in the sector.
Over the next five years the facility aims to support up to 50 new medtech businesses and 150 jobs, develop links between the commercial and academic communities and showcase Scotland to inward investment opportunities in this growing field.
Dr Diane Harbison, managing director at BioCity Scotland said: “I am really looking forward to the forthcoming launch of MediCity Scotland later this month. MediCity will follow a similar clustering model to the one already successfully in action here at BioCity, bringing together entrepreneurs, clinicians, developers, innovators and investors in a supportive environment which will facilitate and accelerate medtech opportunities.
“One of the benefits of clustering similar businesses together is that it leads to a higher survival rate – for example, businesses at BioCity Nottingham have a 91% survival rate, which is fantastic.”
“As part of our ongoing success in supporting new businesses and creating jobs locally, North Lanarkshire Council is delighted to be contributing to the revenue funding of this exciting venture with funding of £439,000,” said councillor Jim McCabe, leader North Lanarkshire Council.
“MediCity will act as a focal point to encourage more medical-related enterprise to North Lanarkshire, and help to build up a centre of excellence.
“This is the first of a number of projects in North Lanarkshire supported by City Deal, which is a unique and exciting opportunity to invest significantly in public infrastructure, delivering real benefits for the economy and jobs now and in the long term.”
The Glasgow and Clyde Valley City Deal is an agreement between the UK Government, the Scottish Government and the eight local authorities across Glasgow and Clyde Valley.