The First Minister announced the plans to award the hub Enterprise Area status as part of the 2015-16 programme released earlier this week.
The Government is looking to extend the operation of Scotland’s Enterprise Areas (EAs) by three years to 2020 in a bid to maximise their effectiveness in boosting growth and employment.
The fifth site at BioCity Scotland in North Lanarkshire will offer life science start-ups business rates relief, streamlined processes to deal with planning applications, bespoke skills support and assistance in accessing international markets.
Dr Diane Harbison, MD of BioCity Scotland, said: "Enterprise Area status will be transformational for BioCity Scotland and we are delighted by the First Minister's announcement as part of the 2015-16 Programme for Government.
"Over the last few months we have carried out a cross-party campaign with elected members to have BioCity Scotland share the stage with similar Scottish incubators, such as BioQuarter in Edinburgh, and we appreciate the support we have received from local MSPs and MPs.
"Enterprise Area status will give us real competitive advantage, with businesses now being able to take advantage of discounted business rates of up to 100% - a real shot in the arm for life sciences start-ups.
"We already host a number of potentially world-class life science businesses so we are looking forward to having our new status implemented as quickly as possible so we can attract even more life sciences businesses and high quality jobs into Lanarkshire and into BioCity Scotland."
The BioCity Hub provides early stage companies with an opportunity to learn from and work with major healthcare practitioners, entrepreneurs and scientists.
Enterprise Area status will also complement other initiatives underway at the site including the MediCity Scotland initiative which will focus on commercialisation in the medical technology sector as well as an Innovation Hub which was launched in April.
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