Scotland’s Deputy First Minister, John Swinney, has announced up to £9.5 million of new funding to strengthen Scotland’s position in precision medicine - an industry estimated to be worth over £100 billion by 2025. The announcement was made at a gathering of academics and business leaders, including Professor Dame Anna Dominiczak and Professor Andrew Biankin.Precision Medicine funding announcement 650

The funding will be invested over the next five years by the Scottish Funding Council and Scottish Enterprise, and will support the growth of precision medicine in Scotland through industry-led projects managed by the Precision Medicine Scotland Innovation Centre (PMS-IC, formerly the Stratified Medicine Scotland Innovation Centre). PMS-IC is based at the University’s Clinical Innovation Zone at its Queen Elizabeth University Hospital Campus and will have strong links to the University and our work in the precision medicine field.

Marian McNeil, Chief Operating Officer of the Precision Medicine Innovation Centre, said: “Precision Medicine offers the opportunity to improve how patients are treated and this will bring savings for the NHS in Scotland which have been estimated to be in the region of £70 billion over a period of 50 years. There are currently around 230 Scottish companies working in this area and this investment opens the door to further growth in jobs and investment.”

First published: 18 February 2020

<< 19 February 2020