A new survey of SMEs by Life Sciences Scotland forecasts that small- and medium-size businesses will have a crucial part in the life sciences sector’s aim of achieving turnover of £8 billion by 2025.
The survey revealed that many SMEs were looking to accelerate their sales performance as well as scale up their business, either through strategic partnerships or joint ventures.
Over half of companies surveyed highlighted sales growth, either from existing products or a new commercial launch, as being their primary focus, while a quarter were aiming to secure investments totaling over £1 million.
Regarding Brexit, a third of companies said they were concerned at the impact it would have on their sector, with many regulated by EU laws and trading bodies. Half, meanwhile, said they rely on trade with the EU and voiced an array of concerns over how Brexit would impact this. However, a fifth of companies also said that they saw new opportunities arising from Brexit, with many having major EU competitors.
Dave Tudor of Life Sciences Scotland said: “It is important that the sector listens to the views of all sizes of enterprise as we work towards our ambitious sector target of £8 billion turnover by 2025. The ambition and commercial drive of small and medium sized life science businesses in Scotland is to be commended and will play a key role in helping the sector to achieve its goals.”