Life sciences organisations across Scotland are wanting to boost sales and invest in research and development (R&D), according to new research.
ROI
A survey conducted by Life Sciences Scotland of revenue-generating enterprises in the sector highlights the various ambitions that businesses are wanting to work towards.
The clear number one priority for most life science enterprises was accelerating current growth in sales. Almost a quarter of respondents said that the biggest focus for their business was growing sales revenue.
R&D into current and future products and applications was the second highest priority for businesses with many stating the importance of R&D for helping commercialise products.
When asked about what they have benefitted from the most, 45% of respondents said they have consistently benefitted from the networks around Scotland. More so, collaborating with others is important for businesses with 20% saying that meeting and learning from others in the sector is a significant part of their professional development
Collaboration was also highlighted as being vital to the success of certain organisations businesses, with 15% saying that their biggest priority, over anything else, was to find a partner to help them take their business model to the next level.
Funding was also highlighted as a crucial issue, with many businesses stating that they need to know how to secure higher levels of investment. The survey indicates that companies are facing challenges around securing enough investment for pipeline plans, getting funding to begin their business, surviving pre-revenue phases and simply having enough cash for marketing and sales. The investment environment in Scotland was said to represent a significant opportunity for 30% of businesses over the next five years.
More so, the survey highlights a range of elements that are helping Scottish life sciences businesses further develop their organisation. Things such as the country’s skilled workforce, support offered by various agencies and the opportunity to collaborate with the NHS are helping life science organisations add value to their business.
The survey also indicates that there is a strong need for jobs relating to the sector with half of the respondents saying that they will need to acquire addition technical knowledge and capabilities as their business grows. Other jobs in marketing, sales and leadership represent significant priorities for 40% of respondents who state that these jobs are needed for the growth ambition of their business.
