A new centre for biotechnology could create 1,500 jobs and boost Scotland's economy by £130m over five years, a new report has claimed.

The new multi-million pound Industrial Biotechnology Innovation Centre (IbioIC) will be located at Glasgow's Strathclyde University. It will bring together academic and private sector partners to play a leading role in the potential £360bn global industrial biotechnology market.

Industrial biotechnology is the use of biological substances, systems and processes to produce intermediate and final products such as pharmaceuticals, chemicals, materials and energy – both cost-effectively and with minimal adverse environmental impact.

The new centre is being funded with £10m from the Scottish Funding Council (SFC), as well as receiving support from both Scottish Enterprise and Highlands and Islands Enterprise (HIE).

The IBioIC will involve all 13 Scottish Higher Education Institutions that are active in biotechnology research and will be co-ordinated by the University of Strathclyde.

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Commenting on the announcement, Finance Secretary, John Swinney, said: "The creation of 1,500 new jobs is a fantastic boost for Scotland's expanding biotechnology industry. Scotland's chemical industry is the country's second top exporter – equating to £3.7 billion per year – while Scotland's life sciences sector is one of the largest and fastest-growing in Europe.

"The launch of IBioIC is predicted to add £130 million to the Scottish economy and will allow Scotland to be at the forefront of global transformational change from a largely fossil fuel-based to an industrial biotechnology-inclusive economy."

Ian Shott CBE, Chairman of IBioIC, aded: "IBioIC is a collaboration of businesses and Higher Education Institutions with the ambition to be truly distinctive, world-leading and responsive to the market and technology needs of industry.

"Furthermore, the networks that IBioIC members bring to the partnership will be consolidated and extended to enhance connectivity and collaboration with industrial biotechnology centres worldwide.

"We aim to surpass the targets set by Scotland's National Plan for Industrial Biotechnology by raising the estimated turnover of industrial biotechnology-related products from around £190 million currently, to between £2 billion and £3 billion by 2030."

Chief executive of HIE, Alex Paterson, continued: "Industrial Biotechnology is important to a number of sectors across the Highlands and Islands such as renewable energy, natural products and forestry. I welcome the creation of this new Innovation Centre and the contribution it can make to the region's future growth."

(JP/CD)