Your assignment is to prepare and submit a paper on innovation, creativity and enterprise in the scottish life sciences industry. According to UK Life Sciences Marketing Strategy, there are three segments of life sciences industry including Biotechnology with $126.3 billion size (2005) and 12.8 percent annual growth (2001-2005), Pharmaceuticals with $643 billion size (2006) and 7 percent annual growth (2006) and Health Care sector with $2.15 trillion sizes (2006) and 6 percent annual growth (2007) (Life Sciences Scotland, 2008). In consideration of the leading position of the Scottish industry in the world life sciences industry and the increasing interest of companies in Scotland, the ‘Scottish Life Sciences’ industry has been selected for analysis. In this report, the role of innovation, creativity and enterprise in Scottish life sciences will be evaluated. Through industry analysis, techniques and processes, innovation and creativity will be analyzed. In this way this report will also be helpful to understand how innovation, creativity and enterprise contribute towards the growth and development of an industry.
The life science industry of Scotland has established a strong name in scientific innovation for centuries and it has contributed a lot in shaping the medical developments at a global level from Lister’s pioneering antiseptic surgery to stem cell technologies (Life Sciences Scotland, n.d.). Many of the Scottish life science companies have established a strong name at the international level. During 2008-2009, 27 more companies entered into Scottish life sciences industry. According to the statistics published by Scottish Enterprise around 600 life sciences companies are operating in Scottish lifestyle industry and around 30,500 people are working in these companies. The industry has an annual GVA Growth rate of 3 percent and industry attracts more than £400 million annually in research funding (Scottish Enterprise, n.d.). The most notable point which shows innovation and creativity of Scottish life sciences industry is that this industry is not focusing on a specific segment but the Scottish industry is the leader in all relevant areas of life sciences.