A public/ private advisory board has been established to support the further development of the island’s ’biomed’ sector.

The government’s Department of Economic Development and Department of Health and Social Care are working together with the private sector to support the growth of the sector as part of a biomed strategy created last year.

The Manx Healthcare and Life Sciences Advisory Board will give direction to prioritise and further the implementation of the strategy, which is focused on sector growth by creating a unique proposition for the Isle of Man.

Possible options being considered include developing deeper research partnerships, exploring changes to legislation and attracting private sector biomed investment.

What does ’biomed’ mean?

’Biomedical’ (biomed) is the application of the natural sciences to clinical medicine.

It is already an established and growing sector on the island with a diverse set of companies, 11 in total, already here.

These companies are variously involved in device manufacture, clinical trials, regulatory affairs, compliance and data capture. They employ over more than 100 staff, a 13 per cent annual growth in jobs since 2013.

Laurence Skelly MHK, Minister for Economic Development, said: ’The creation of the advisory board is a great example of the government and the private sector working together for the benefit of a small but vibrant sector of the economy.

’In line with the programme for government, the Department of Economic Development has a strong commitment to supporting local businesses and helping to further diversify the economy and I’m confident the advisory board will play a key role in helping the Manx BioMed sector achieve its full potential.’

Kate Beecroft MHK, Minister for Health and Social Care, said: ’I am delighted that the advisory board has been established to develop opportunities in the healthcare and life sciences sector.

’The close working relationship and spirit of collaboration that it will engender between the two departments and the private sector provide the ideal template for supporting the sector’s development.’

The advisory board’s first meeting was held on June 16. The role of the board is also to give advice to both the DED and DHSC regarding healthcare and life sciences and provide assistance to businesses in the sector.

The board’s membership comprises of representatives from both departments and the following private sector members: Chairman Dave Taggart (Glycyx Therapeutics), Stuart Colligon (Panacea), Professor David Onions (Charnwood Technology, Citalytics, Orsus Medical) and Professor Ken Mills (Queen’s University Belfast).

Mr Taggart, chairman of the Manx Healthcare and Life Sciences Advisory Board, said: ’The Manx biomed sector is already home to a diverse set of companies and, with the right investment and support, could represent a much greater future opportunity.

’It is our intention that the advisory board will help the sector to offer a truly unique proposition, leading to continued growth.’