Ambition in life science sector

A Life Sciences Scotland survey has revealed that achieving scale and being ambitious are top priorities for organisations in the growing sector in Scotland.

Scaling up current sales revenue was the most common priority for businesses in Scotland. Nearly a quarter of respondents said accelerating sales was their main focus.

Collaborating with partners to take business models to the next level and commercialising existing intellectual assets were among the other key priorities mentioned.

This was closely followed by the need to increase research and development and retain a skilled workforce.

More than 40 per cent of respondents said they will need additional staff to develop both existing and future products or services as they grow.

Access to investment and funding was highlighted as an area where businesses needed more support and guidance, particularly when it comes to securing higher levels of investment.

The uncertainty of Brexit was also a worry for companies in the life sciences sector.

According to the survey, over the next five years the biggest challenges facing the community are getting the right financial support to accelerate revenue, attracting the right people with the correct skills and increasing customers and sales.