This £1.7bn increase from the revised 2020 figure surpasses the sector’s ambitious £8bn target set for 2025.

Critical work in response to the Covid pandemic is one of the key reasons for a 19% increase in turnover within the space of a year. Business turnover across the sector, which employs more than 44,000 people, has now tripled since 2010.

Innovation Minister Richard Lochhead said: “With Scotland’s world-renowned expertise in innovation, academia and research, our life sciences sector is a strategic economic priority and it’s why, In 2017, industry and government set out a new strategy with a bold aim to increase the value of the sector in Scotland to £8bn by 2025.

“To surpass this figure by more than £2bn demonstrates the phenomenal progress being made and is testament to the hundreds of companies and thousands of employees who drive one of Europe’s leading life sciences clusters.

“These figures reflect the vital work undertaken across the sector during the Covid pandemic. This not only saved lives but demonstrated Scotland’s capability to lead in the life sciences arena. It is a performance that has positioned us as a global hub for life science innovation and expertise with enormous potential for future growth.”