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Deputy First Minister announces £9.5 million to compete in global precision medicine industry

Scotland’s Deputy First Minister, John Swinney, has announced up to £9.5 million of new funding to strengthen Scotland’s position in precision medicine, an industry estimated to be worth over $130 billion by 2025. The announcement was made at a gathering of academics and business leaders that took place today in Perth.

Precision Medicine Scotland Innovation Centre will receive up to £9.5 million in public funding for the next five years to support the growth of the precision medicine industry in Scotland and its contribution to the NHS.
The global industry for precision medicine is estimated to be worth over $130bn by 2025.
Savings generated by precision medicine for the NHS in Scotland are estimated to be in the region of £70 billion over a period of 50 years.
The Precision Medicine Scotland Innovation Centre will target an additional £4.2 million of income from other sources.
Scotland’s Deputy First Minister, John Swinney, has announced up to £9.5 million of new funding to strengthen Scotland’s position in precision medicine, an industry estimated to be worth over $130 billion by 2025. The announcement was made at a gathering of academics and business leaders that took place today in Perth.
The funding will be invested over the next five years by the Scottish Funding Council and Scottish Enterprise. It will support the growth of precision medicine in Scotland through industry-led projects managed by the Precision Medicine Scotland Innovation Centre (formerly the Stratified Medicine Scotland Innovation Centre). The initiative’s backers believe that precision medicine – where medical decisions, treatments, practices, and products are tailored to individual patients – can also deliver substantial savings for the NHS in Scotland.
The newly launched phase 2 of the Precision Medicine Scotland Innovation Centre will continue to act as a catalyst for partnerships between industry, academics and clinical experts. In phase 1 the Innovation Centre produced a number of large scale exemplar projects in areas including ovarian cancer, rheumatoid arthritis, oesophageal cancer and multiple sclerosis.
The Precision Medicine Scotland Innovation Centre will use the funding announced today to support the implementation of precision medicine in the NHS and to accelerate the growth of the industry in Scotland. It will also work to raise Scotland’s international profile in the field of precision medicine and increase the number of people with the qualifications and skills required by the industry.
In addition to the funding from the Scottish Funding Council and Scottish Enterprise, the Precision Medicine Innovation Centre expects to be able to attract around £4.2 million of income from other sources.

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