It takes a village.
Entrepreneurial success stories are often portrayed as lone individuals courageously overcoming adversity to launch an innovative business. Whilst courage is certainly required, a collaborative environment of supporters, advisors, partners and ideally some local customers is necessary to allow such businesses to develop, adapt and grow.
Scotland’s proud heritage as a home for world firsts in medical innovation is well documented. From pioneers in antiseptic surgery, the development of the first antibiotics, and the first cloning of a mammal, Scotland has a history of ground breaking life sciences research.
Indeed, the Scottish contribution to cutting-edge medical research is disproportionately high given the country’s small size and population: the sector employs over 40,000 people across more than 770 organisations to generate over £5.2B in annual turnover. Scotland is a research and development powerhouse, as well as a centre of innovation and excellence. This excellence is due to an incredible level of long-term collaboration, integration and considerable inter-sector support. Our success relies on interconnected NHS-collaborative studies, world-class academic research and innovative SME businesses. All of which are coupled with support from Government and specialist advisors to create a thriving commercial environment for a leading global cluster.
This collaboration is embodied in the Life Sciences in Scotland Industry Leadership Group, a joint industry, enterprise of agencies and government strategy teams. In 2017 they released their 2025 Vision document which described an ambitious strategy to increase the Scottish life sciences industry’s annual turnover to £8B by 2025.
Such growth is not unrealistic given the above, coupled with the support provided by organisations and initiatives such as the Scottish Lifesciences Association, the Saltire Programme, Converge Challenge, Scottish EDGE, Innovation Centres and Talent Scotland. These collectively fan the sparks of entrepreneurs’ creativity, as well as providing critical support, education and funding to help maintain the momentum of opportunities to form successful SME enterprises and industries in Scotland.
With the uncertainty of Brexit, the potential of IndyRef 2, and the withdrawal of European Research funding, early stage investment – so important to the sector – is likely to be squeezed. However, the collaborative life sciences environment flourishing in Scotland will permit the industry to maintain and build on the history of world firsts in medical innovation towards the £8B target for 2025.
Scotland can be “the village” – not due to its small size, but due to its ability to recognise the value of innovative businesses with high growth potential, support them, and for such businesses to, in turn, support the life sciences community creating training and jobs both directly and indirectly.
As Patent and Trade Mark Attorneys operating in the Life Sciences sector, we at Murgitroyd work with many of Scotland’s leading start-ups and SMEs to help them protect and extract value from their Intellectual Property.
Russell Thom and Jamie Ingram are Patent Specialists based in Glasgow, with particular focus on the Life Sciences sector.
Contact us to capitalise on the value of your Life Sciences Innovations.
Please visit our site www.murgitroyd.com
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