The Highlands economy received a boost today after it was revealed that Inverness has been chosen for an innovative life science project, safeguarding 223 jobs and creating a further nine.
Finance Secretary John Swinney announced that £2 million from the Scottish Government’s Regional Selective Assistance programme would support the manufacturing of LifeScan’s new testing strip system – a product for monitoring blood glucose.
The project is part of an £11.1 million investment programme at LifeScan, Scotland’s largest life sciences company which will see this new product manufactured for use worldwide.
In a further boost for the company, an R&D grant of £313,000 from Highlands and Islands Enterprise will safeguard a further 12 jobs in 2009 and ensure that LifeScan’s base in Inverness continues to be a centre for cutting edge life sciences research.
Mr Swinney said:
“LifeScan’s decision to manufacture this new product in Inverness is a major vote of confidence in Scotland’s world-renowned life science industry.
“It safeguards more than 200 vital jobs for the Highlands economy, creates new posts and gives staff the opportunity to showcase the excellence of Scottish life sciences on a global stage.
“Scottish Development International (SDI) has played a significant role in securing this major investment for Scotland. And as the Government works to position our economy for recovery, we will continue to use tools at our disposal – like the Regional Selective Assistance scheme – building on our economic recovery plan to create new jobs and attract fresh investment of this kind.”
Lena Wilson, Chief Executive of Scottish Development International, which worked closely with LifeScan to bring this project to Scotland, said: “LifeScan’s groundbreaking work in Inverness is world-leading, and the decision by the company to progress its new product here demonstrates the expertise, skills and hard work of everyone at the company in Scotland.
“The life sciences sector in Scotland is one where we are already making a significant impact on the international stage, and the development of this product in Inverness will only further enhance our growing reputation in this area.”
William Roe, chair of HIE said: "LifeScan’s appetite for collaborative research and development and consistent drive to deliver innovative products to a world market make it one of the most ambitious businesses in the Highlands and Islands economy. Through this grant award HIE recognises LifeScan’s capacity for continued expansion and ability to positively influence the region's health science cluster.”
RSA is Scotland’s main national scheme of financial assistance to industry. It is aimed at encouraging investment and job creation in the Assisted Areas (Alas) of Scotland. It also encompasses support available to Small Medium-sized Enterprises in other areas (referred to as Tier 3).
Payments of RSA are made in instalments, typically over several years, provided that job and project expenditure targets are met. The amounts quoted here and in the report represent the maximum grant potentially available if the project is satisfactorily completed, and not the amount actually paid to date. All job numbers are based on firms' forecast figures at the time a grant is offered and are subject to change, depending on future economic conditions and other factors affecting the business concerned.
Finance Secretary John Swinney announced that £2 million from the Scottish Government’s Regional Selective Assistance programme would support the manufacturing of LifeScan’s new testing strip system – a product for monitoring blood glucose.
The project is part of an £11.1 million investment programme at LifeScan, Scotland’s largest life sciences company which will see this new product manufactured for use worldwide.
In a further boost for the company, an R&D grant of £313,000 from Highlands and Islands Enterprise will safeguard a further 12 jobs in 2009 and ensure that LifeScan’s base in Inverness continues to be a centre for cutting edge life sciences research.
Mr Swinney said:
“LifeScan’s decision to manufacture this new product in Inverness is a major vote of confidence in Scotland’s world-renowned life science industry.
“It safeguards more than 200 vital jobs for the Highlands economy, creates new posts and gives staff the opportunity to showcase the excellence of Scottish life sciences on a global stage.
“Scottish Development International (SDI) has played a significant role in securing this major investment for Scotland. And as the Government works to position our economy for recovery, we will continue to use tools at our disposal – like the Regional Selective Assistance scheme – building on our economic recovery plan to create new jobs and attract fresh investment of this kind.”
Lena Wilson, Chief Executive of Scottish Development International, which worked closely with LifeScan to bring this project to Scotland, said: “LifeScan’s groundbreaking work in Inverness is world-leading, and the decision by the company to progress its new product here demonstrates the expertise, skills and hard work of everyone at the company in Scotland.
“The life sciences sector in Scotland is one where we are already making a significant impact on the international stage, and the development of this product in Inverness will only further enhance our growing reputation in this area.”
William Roe, chair of HIE said: "LifeScan’s appetite for collaborative research and development and consistent drive to deliver innovative products to a world market make it one of the most ambitious businesses in the Highlands and Islands economy. Through this grant award HIE recognises LifeScan’s capacity for continued expansion and ability to positively influence the region's health science cluster.”
RSA is Scotland’s main national scheme of financial assistance to industry. It is aimed at encouraging investment and job creation in the Assisted Areas (Alas) of Scotland. It also encompasses support available to Small Medium-sized Enterprises in other areas (referred to as Tier 3).
Payments of RSA are made in instalments, typically over several years, provided that job and project expenditure targets are met. The amounts quoted here and in the report represent the maximum grant potentially available if the project is satisfactorily completed, and not the amount actually paid to date. All job numbers are based on firms' forecast figures at the time a grant is offered and are subject to change, depending on future economic conditions and other factors affecting the business concerned.
