WWIC helps attract £3m Australian investment
23 May 2018
The Welsh Wound Innovation Centre (WWIC) has had a ‘significant impact’ in attracting a £3m investment to Wales.
WWIC’s expertise in wound healing convinced Melbourne-based Medical Ethics to make Cardiff its new base in the northern hemisphere.
Allan Giffard, Managing Director, Medical Ethics said: “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.
“Through the Department for International Trade (DIT), we’ve been able to participate in the Global Entrepreneur Programme, enabling us to overcome a number of initial challenges. DIT, along with Innovate UK, also supported us with introductions to key experts including the Wales Wound Institute in Cardiff – an introduction which had a significant impact on our decision to choose the UK.”
Welcoming the three-year direct investment in Wales, Professor Keith Harding, Director of WWIC, said: “WWIC is pleased to support this latest inward investment in Wales. We have been in dialogue with this company for some time and are delighted at their decision to set up in Wales where they will have direct access to WWIC - the first national wound healing centre in the world.”
Medical Ethics develops products that alleviate pain and minimise suffering associated with wounds and surgical procedures in animals. As a UK hub for life sciences expertise, Wales and Cardiff will provide an ideal base.
The company has worked with DIT for two years, receiving advice, grant application assistance and introductions to key UK stakeholders, and has built collaborations with both WWIC and Cardiff University.
WWIC is the flagship facility for clinical innovation in Wales. It is dedicated to transforming the management and delivery of better wound health care (prevention and treatment) through a coordinated, facilitated network approach to meet the needs of our stakeholders and customers.
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. This includes regulatory affairs, manufacturing and clinical studies, tax subsidies and patent box incentives.
Currently Medical Ethics engages 18 independent service providers and consultants across the UK and has plans to expand its headcount.
In 2016-17, DIT reported 85 investment projects in Wales, generating 2,581 jobs. Welsh companies exported more than £16.4bn of goods in 2017. The UK is the number one destination for health and life sciences Foreign Direct Investment in Europe.