CRUMLIN based biotechnology firm Randox is investing £15 million in a new specialist division dedicated to advancing scientific discovery, drug development and companion diagnostics.
Randox Biosciences will bring together four existing business units in the company.
The investment in research and development has also created 30 new jobs - half of which are already in place.
A core team of more than 300 scientists and engineers are employed at the Randox Biosciences hub, specialising in supplying products and services to universities, genetics labs and the pharmaceutical industry across the globe.
The unit will focus on products for the Japan, USA and Europe markets.
Randox Biosciences head Patrick Henry said exports and international collaborations will be key drivers of growth for the division.
“Our focus is on targeting the thriving personalised medicine market which at its heart relies on ‘precision medicine’ enabling technology and tests to tailor healthcare solutions to the right patients at the right time," he said.
"Led by our dedicated research scientists, we offer advanced products, for use in academic research enabling new scientific discoveries and in pharma companies for their drug development and clinical trials.
“A particularly exciting area for Randox Biosciences is in companion diagnostic development. This is where new diagnostic tests are developed and approved alongside new drugs improving their efficacy and safety, whilst helping to reduce costs for healthcare networks by avoiding unnecessary or ineffective drug prescriptions.
“Precision medicine is next generation health care, with huge potential for Randox in terms of exports and collaborations. We are already creating traction in the US and Europe and have our sights set on Japan, in which we expect to have a solid presence by autumn.”
Funding for the Randox Biosciences division is as a result of the Randox group’s commitment to innovative research and developmente, Randox managing director Dr Peter FitzGerald said.
“Research and development is fundamental to the creation of new products and we recognise its importance. In 2014-15 we invested £15million into R&D, our most significant spend on this core function to date. This investment has allowed us to establish the Randox Biosciences division, which will act as a road map for our R&D, taking our tests and technology to new markets across the world," he added.
“At the moment, Randox Biosciences is engaged in world-leading research into Alzheimer’s disease and cancer and is involved in more than 35 collaborations with internationally renowned academic research centres. The Randox Biosciences team is truly at the frontier of health care discovery, making our vision a reality.”
