MediCity welcomed its first company OracleBio in January and is expected to enable the creation and growth of over 50 new healthcare businesses over the next five years, creating over 350 jobs.
A total of 11,000 sq ft of office space and incubation workspace has been constructed through the refurbishment of a vacant building at the BioCity campus.
The hub will follow a similar clustering model to the one already successfully in action at BioCity, bringing together entrepreneurs, early stage businesses, academics, corporates, clinicians, developers and investors to facilitate and accelerate opportunities.
Speaking at the official launch event, Julia Brown, director of life and chemical sciences at Scottish Enterprise, said: “MediCity stands to become an important launch pad for many Scottish med-tech companies and will play a vital role in supporting our flourishing life sciences industry.
“Scotland’s life sciences industry attracts huge investor confidence, with some £40m invested into Scottish companies in the sector during 2015.
“Facilities like MediCity will help us leverage that strong reputation and the opportunities for Scotland to incubate and develop more high growth companies.”
Cllr Paul Kelly, depute leader of North Lanarkshire Council, added: “The council is delighted to be a partner in the first dedicated Medtech facility in Scotland and the first City Deal project for North Lanarkshire.
“The excellent business support provided here at MediCity puts the area at the forefront of medical technology and life sciences development, and will make a significant contribution to regional economic development over the next 20 years.”