Growing old may be inevitable, but there’s no reason why it should affect your ability to stay healthy. And that is a business that could create multimillion pound opportunities for Northern Ireland.
Countries across the globe are dealing with the health and economic challenges posed bygrowing ageing populations.
They need new solutions to long-standing problems and, according to Matrix, the North’s science industry panel, it could be the perfect place to develop those solutions – providing it creates the right kind of “laboratory” conditions so to speak.
The team at Matrix believes that by leveraging the strengths of the existing life and health sciences sector and by investing in new initiatives, Northern Ireland could position itself as a centre of excellence, particularly in the area of precision medicine. The life and health sciences sector currently employs 7,500 people and includes around 130 businesses.
One of those initiatives is the establishment of the pilot health, innovation and life sciences hub which is due to be launched shortly by the Department of Health and Social Services.
Success
If the pilot hub graduates into a facility of “sufficient scale and ambition”, it could deliver a “step change” for Northern Ireland. The ambition is that the hub would one day replicate the success of the Northern Ireland Science Park, which has helped attract major foreign direct investment and supported 2,400 new jobs since it was established.
The life sciences sector currently generates sales of about £800 million a year and accounts for 10 per cent of all exports.
The success of local indigenous companies, notably Randox and Almac, which were named as finalists this month in the European Business Awards, highlights the innovation capability which already exists, according to the Matrix panel.
The £7 million Connected Health Innovation Centre at the University of Ulster, comprising 25 member companies, also shows the partnership that already exists between local health trusts, commercial organisations and government agencies.
Northern Ireland's recent application to be one of 11 UK genomic medical centres and its plans to establish a new biomedical research centre show that the groundwork is already in place to help realise its ambitions to be at the forefront "in disease research and the development of new personalised treatments and medicines", as health minister Jim Wells has outlined.
Prof James McLaughlin and Dr Robert Grundy, co-chairs of the Matrix panel, say the structure of the life sciences sector, and more especially how health and social care is organised locally, could give an edge when it comes to securing new research and development projects and new investors.
Opportunity
“Northern Ireland has a commercial sector that provides a fertile base for further entrepreneurial activity, a world class academic sector with particular strengths that can provide areas of focus and an integrated health and social care system that provides a test bed for innovation and a generator of information that charts patient treatment and care.
“Specifically Northern Ireland has the opportunity to build on its present capability to continue to excel in the areas of precision medicine. By building on our current strengths . . . Northern Ireland has the opportunity to improve the health of its citizens whilst providing strong economic growth for the future.”
The Matrix panel says there is still work to do to achieve its ambitions. First a life and health sciences “champion” should be appointed. It should also focus on its strengths and build up critical mass in areas such as skills and funding.
But Matrix says the outlook for the life sciences sector has never been healthier.
