Global shifts over recent years have resulted in the Scottish industrial biotechnology sector being issued with a new turnover target.
The new goal, which has been set by Scottish Enterprise (SE), will see the level of turnover boosted from its current figure of £189 million to approximately £900 million by 2025.
With the global industry currently worth £360 billion, SE is eager to take a bigger slice of the biotech pie.
Around 40 companies in Scotland are known to be working on industrial biotechnology projects at the moment, and a significant number of other firms will need to come online in the sector to achieve the new figure.
Scottish Enterprise says this can be done by improving the existing expertise in the country.
As well as encouraging businesses throughout the country to diversify into industrial biotechnology, SE says it will work to improve sustainability in manufacturing processes.
With many businesses now in a position to expand into different areas – some with the help of factoring brokers – the business development body said that building awareness of the industry would now be important.
Announcing the shift in strategy at Switzerland’s Ecochem, SE’s head of chemical sciences, Caroline Strain, said:
“The rise in global population, rapid depletion of resources, increasing environmental pressures and climate change are each driving the need to develop more sustainable manufacturing processes.
“Investing in industrial biotechnology can help us achieve that.”
Strain went on to say that it was her intention to see Scotland become an global hub for industrial biotechnology excellence as the global shifts continue.