LONDON, April 8 (Xinhua) -- A life sciences investment organization linking London, Oxford and Cambridge was launched on Tuesday with the aim of luring investment and making research breakthroughs.
The new organization, called MedCity, will attract life sciences corporations to the "golden triangle" formed by the three British cities, facilitating collaboration between them and the academic research base, and reinforcing specialist infrastructure so that the region becomes one of the premier, interconnected clusters for life science research, development, manufacturing and commercialization, London mayor Boris Johnson announced.
"Together with Oxford and Cambridge we form a 'golden triangle' of scientific innovation and we need to channel that intellectual pre-eminence into a positive impact on our economy,"said Boris Johnson.
The new body will receive more than 4 million pounds (6.7 million U.S. dollars) in funding, with 2.9 million pounds from the Higher Education Funding Council and 1.2 09million pounds from City Hall, added the mayor.
MedCity chairman Eliot Forster said: "MedCity is a unique enterprise that brings together our outstanding life sciences sector in London and the Greater South East. It will stimulate collaboration across the sector and through this drive economic growth."
The London-Oxford-Cambridge region has more than 705,900 people employed in the life sciences sector. During 2009-2013, London alone attracted 35 new foreign investment projects in the life sciences, representing more than 330 million pounds in new investment and over 1,300 new jobs. The greater South East including London attracted 76 new foreign direct investment projects, worth over 660 million pounds creating 3,300 jobs.