This item was published during the term of a previous administration that ended in April 2007
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Research facility to create 500 jobs
28/02/2005
Inverness Medical Innovations (IMI) today announced
plans to set up a life sciences research, development and
manufacturing facility in Scotland.
Stirling Medical Innovations Ltd., a subsidiary of IMI,
plans to identify technologies to develop near-patient and
home tests for the diagnosis and management of
cardiovascular diseases.
The programme is expected to create around 500 new jobs
in Stirling, including over 100 high-value
scientific/research jobs, with the remainder in product
manufacturing.
As part of the programme, IMI will establish Stirling
Medical Innovations Ltd. as a new Scottish research,
development and manufacturing company. Over the next three
years, IMI plans to invest £37.5 million in the research
and development programme and following completion, a
further £30 million in manufacturing and commercialisation
of new products.
The programme is being backed with £30 million from ITI
Life Sciences and £3.8 million from the Scottish Executive
in Regional Selective Assistance. Other financial support
is coming from the Scottish Enterprise network.
Welcoming the announcement, Enterprise Minister Jim
Wallace said:
"This is highly significant for Scotland and is a major
endorsement of what we can offer companies from around the
world. The creation of a new life sciences research,
development and manufacturing facility in the heart of
Scotland is evidence that we are right at the forefront of
developments within this cutting-edge sector.
"IMI's decision also shows that our approach to winning
international business is working well.
"Scottish Development International was able to identify
this opportunity and bring together the right range of
players to convince the company of the benefits of doing
business here - including SE Forth Valley who can offer a
high quality business environment and the Intermediary
Technology Institute who are making a very substantial
investment in establishing a research partnership with
IMI.
"I met with IMI late last year and impressed upon them
the excellence of our skills base and Scotland's highly
competitive business environment. I am also very pleased
we have been able to provide direct Executive support for
the project through RSA. This is a real win: win situation
for all concerned."
Ron Zwanziger, CEO of Inverness Medical Innovations,
said:
"We are delighted to be part of this exciting new
venture with ITI Life Sciences, Scottish Development
International and Scottish Enterprise.The innovative
products planned to be developed by Stirling Medical
Innovations will substantially change patient management
and lifestyle. Patients will increasingly have the choice
of monitoring their own health in their homes,
significantly reducing the need for them to visit hospital.
Home based testing in cardiology offers exciting new
opportunities to patients and Stirling Medical Innovations
will lead the world in developing this category."
Dr John Chiplin, CEO of ITI Life Sciences, said:
"This is an exciting new programme development from a
company with a robust IP (Intellectual Property) position,
considerable financial backing and a strong commercial
focus to its research. We have high expectations for the
impact Stirling Medical Innovations will have in terms of
improving the practice of disease management for patients
and clinicians, while creating a centre of excellence in
Scotland that will act as a catalyst for building on
Scotland's existing track record in developing
diagnostics."
Stirling Medical Innovations Ltd. is a wholly owned
subsidiary of Inverness Medical Innovations, a leading
global manufacturer of consumer and professional medical
diagnostic products, and developer of advanced medical
devices. Inverness Medical Innovations is headquartered in
Waltham, Massachusetts, with operations located in several
countries worldwide. Inverness Medical Innovations provides
diagnostic products for the over-the-counter market, as
well as for the professional rapid diagnostic test market.
These products are sold in over 90 countries worldwide.
ITI Life Sciences is part of a new organisation, set up
in 2004 by Scottish Enterprise to focus on important areas
where Scotland has strong economic and business potential.
The other areas are Techmedia and Energy and there is also
a corporate umbrella body, ITI Scotland. Each Intermediary
Technology Institute has a minimum of £150 million to
commission R&D programmes over a ten-year period. Each
ITI is tasked with identifying emerging markets and
business opportunities across their area of expertise and
to evaluate Scotland's ability to develop commercially
viable solutions to meet global market needs. Where such
opportunities arise, the ITIs will commission research to
develop market-driven intellectual assets that can be
commercialised by companies to stimulate long-term,
sustainable growth in the Scottish life sciences sector
.
Regional Selective Assistance (RSA) is the main national
scheme of financial assistance to industry. It provides
discretionary grants for investment projects that will
create or safeguard jobs in Assisted Areas - areas
designated for regional aid under European community law.
The scheme is administered by the RSA Scotland unit of the
Scottish Executive. For further information on the scheme,
go to
www.rsascotland.gov.uk.
Payment of RSA is made in instalments, typically over
several years, provided that job and project expenditure
targets are met. The amount quoted above represent the
maximum grant potentially payable if the project is
satisfactorily completed. Job numbers are based on the
firms' forecast at the time a grant is offered, and are
subject to change depending on future economic conditions
and other factors affecting the business concerned.
In October 2001, "Scotland: A Global Connections
Strategy" was launched as part of the Scottish Executive's
guiding principles for the Enterprise Networks, "A Smart
Successful Scotland." It set out a radical new approach to
establish Scotland as a world class business partner in the
globally connected economy of the 21st Century, including
the creation of a new body, Scottish Development
International, which is jointly operated by the Scottish
Executive and Scottish Enterprise.
Scottish Enterprise is the main economic development
agency for Scotland covering 93% of the population from
Grampian to the Borders. The Scottish Enterprise Network
consists of Scottish Enterprise and 12 Local Enterprise
Companies. Working in partnership with the private and
public sectors the Network aims to build more and better
businesses, to develop the skills and knowledge of Scottish
people, and to encourage innovation to make Scottish
business internationally competitive. Further information
on Scottish Enterprise is available at
www.scottish-enterprise.com