Assembly Member for Wrexham, Lesley Griffiths, has said she believes Wales can become the natural home of the UK Life Sciences sector, following a Welsh Government funding injection of £100 million.
The fund, announced by Business Minister Edwina Hart this week, comes as part of the Welsh Life Sciences fund, which aims to further develop Wales’ burgeoning life Sciences Sector already worth £1.3 Billion to the Welsh economy. The Fund is designed to encourage and enable Life Sciences businesses to start up and grow in Wales.
The announcement was made at the BioWales 2012 Life Sciences event, a flagship event for the Life Sciences in Wales.
Speaking on the newly available funding, Lesley Griffiths said:
“I am pleased to see the Welsh Government supporting this innovative sector in Wales, providing £100 million over the next three years and making funding immediately available.
“Wales has many natural advantages which lend it towards the development of a successful life sciences sector. We already have a healthy foundation in this area, with the sector employing around 15,000 people. This new investment will serve to attract further companies to Wales which can complement and aid the future work of those already sited here.
“The Welsh Government is showing the foresight and vision needed to develop the potential of what could be a truly world class life science sector and establish Wales as the natural home of the area of industry in the UK.
“In addition, the emphasis upon Research and Development within the Life Sciences sector will serve to compliment the good work the Welsh NHS is already doing in R&D, which will have positive impacts upon patient care and costs down the line.
“As a Nation, we need to be building a strong reputation for high end technology-based research innovation to compete in the 21st Century. This move will have positive impact upon the economy of Wales as well as helping to attract high end jobs to Wrexham which may otherwise have gone across the border. “
The investment will help to achieve the objectives set out in the Labour Welsh Government’s Science for Wales strategy.
