1. ITV Report

£3m investment for life science hub in Wales

Credit: PA

An Australian life sciences company has announced a £3 million investment in Wales.

Melbourne-based life science research and development company, Medical Ethics, has announced a direct investment of over £3 million in Wales over the next three years, making Cardiff its new base in the northern hemisphere.

Medical Ethics develop products that alleviate pain and minimise suffering associated with wounds and surgical procedures in animals.

As a UK hub for life sciences expertise, Wales will provide the company with the ideal base to progress the development of its technology for humans.

Medical Ethics chose to invest in the UK for its expertise in a number of fields required for the commercialisation of the company's technology - including regulatory affairs, manufacturing and clinical studies, tax subsidies and patent box incentives.

Allan Giffard, Managing Director, Medical Ethics said Wales was the 'obvious choice':

For us, Wales was the obvious choice in the UK, especially given our sector - Life Sciences. Wales offers the skills, expertise and infrastructure for our business to thrive.

When looking to expand internationally, we initially looked at a number of countries. However, we believe it would have been a more difficult process in these territories as we did not identify programmes that provide the same level of support we've been offered in the UK.

– Allan Giffard, Medical Ethics

Secretary of State for Wales Alun Cairns said Wales is becoming a 'hotbed' of life science expertise:

This announcement is testament to the strong appetite worldwide for investing in the UK, and is a real vote of confidence in Wales' growing stature as a hotbed of life sciences expertise. It also showcases the commitment of the UK Government's globally based network of trade experts to connect international investors with the right partners for their needs.

Companies like Medical Ethics are helping to change health dynamics on a global scale and are quickly discovering that Wales is the go-to place to develop, manufacture and commercialise their innovations. The UK Government knows this and we have every intention of nurturing this industry for continued success in Wales and across the UK for years to come.

– Alun Cairns MP, Welsh Secretary

Medical Ethics has worked with the Department for International Trade (DIT) for two years. It received advice and introductions to key UK stakeholders including the Wales Wound Institute in Cardiff and Cardiff University - both of which the company now collaborates with.