This month, a delegation from PKF will be visiting the Massachusetts Institute of Technology (MIT) in Boston to promote Malta as a potential Life Sciences hub for US investors, inventors and entrepreneurs. The ultimate aim is to attract start-ups interested in joining the growing list of tenants of the cutting-edge Life Science Park in San Gwann.

The Government has endorsed PKF’s initiative as it would like the island to become a centre of excellence in scientific breakthroughs and to attract more bio technology and oncology clinical research and development.

Those who may not be familiar with MIT may ask what is so special about this educational institution now that we will soon see the establishment of another educational facility in Malta – the Sadeen Higher Educational Institute at Zonqor. MIT is ranked the world’s top university in 11 of its 36 disciplines, including all six in the ‘engineering and technology’ category: architecture, computer science, chemical engineering, civil and structural engineering, electrical and electronic engineering and mechanical, aeronautical and manufacturing engineering. In the US it is considered the world’s best university in chemistry, economics, linguistics, materials sciences and physics and astronomy.

Needless to say, this impressive learning institution is the pride of American intelligentsia and many countries are trying to emulate its success. The diversity of its faculties, and the impressive studies that its researchers produce, are world class and cutting edge. We marvel at how MIT exceeds in other disciplines such as accounting and finance, art and design, biological sciences, earth and marine sciences and mathematics.

The inventors and researchers lobby close follows announcements and papers emanating from scholars at MIT, some of which end up being turned into economic success when taken on board by entrepreneurs to monetise such concepts. One of the disciplines at MIT that compliments the Malta government’s policy is that of research and development in the study of oncology and bio technology which is being actively promoted in a new life sciences park in San Gwann, headed by Malta Enterprise, which is located near Mater Dei hospital, the new oncology centre and the medical university.

This building, which was partly funded by the EU, covers an area of 11,000 sq.metres and it is the government’s policy to form closer collaboration with international scientific and medical personnel and encourage the exchange of knowledge, ideas and experience. PKF has cultivated close contacts with the administrators of the life sciences park and last year organised a familiarisation visit to a similar establishment located in Kraków, Poland. This has been successfully run in the past decade and has attracted a number of scientists and top researchers in the medical field.

It is to be hoped that this exchange of ideas and staff with the Polish institution will continue the success generated so far by Malta Enterprise, which intends continuing to augment the substantial occupancy rate by research firms reached in its first year of operation. The setting-up of any ambitious project can be daunting, given that for a small island to be able to join the ranks of top-ranking medical research institutions needs careful thought and adequate funds for promotion. It does not come a moment too soon that PKF has invited the top administrators of the life science park to join them in Boston on a familiarisation trip to MIT and other life sciences institutions.

The offer was welcomed by the Minister responsible for Malta Enterprise, Christian Cardona, who has endorsed the initiative and wished it every success. One may question whether the millions invested in research and development in advanced economies could be considered speculative and say that, in some instances, such considerable expense may not lead to practical results. This may be partly true and yet, as the adage says: ‘nothing ventured, nothing gained’.

Quoting Facebook chairman and CEO Mark Zuckerberg, Dr Cardona said that by challenging conventional thinking and expanding knowledge, in the long term scientists can solve the biggest problems of our time. It is thanks to the persistence and hard work of scientists and researchers that important, life-saving discoveries in the fields of cancer and neuroscience have been made. One of the biggest challenges in the field of neuroscience is how the brain rewires itself in response to changing behavioural conditions.

Back to MIT and surfing its website, it can be seen how many important breakthroughs have been announced in oncology. One such success story tells how, since the discovery of the first cancer-causing genes in the 1960s, scientists have uncovered at least 600 genes that contribute to tumour development. Tyler Jacks, the director of MIT’s Koch Institute for Integrative Cancer Research, has spent much of his career trying to unravel the roles of some of these genes in the hope of designing improved treatments for cancer.

It comes as no surprise that MIT is proud of its professors who are described by their peers as bold and visionary leaders. They are part of an institution in Boston much like a village of passionate people dedicated to come up with solutions for the many cancers and medical disorders that affect our society. Under Dr Jacks’ leadership, the Koch Institute has launched new collaborations with local hospitals to help translate new cancer biology knowledge into patient treatment, and so far 42 companies have been created by faculty members or with intellectual property developed at the Institute.

At this juncture, one could ask if the dream of the Maltese government could come true and if, in the near future, we will succeed in attracting scientists and innovators to study cancer and other diseases in the laboratories available at the life sciences park in San Gwann. Is this a bold vision to upgrade our island as a hub of science and technology in the centre of the Mediterranean just a pipe dream or could we succeed in bringing together international scientists and engineers to pursue innovative approaches to diagnosing, treating, and preventing life-threatening diseases?

It is certainly not easy, with many countries having joined in the race to reach this goal. Imagine if, with proper funding and a non-partisan approach, our political leaders united to back this ambitious project which, as stated earlier, can launch many cutting-edge enterprises in the field of healthcare. Many agree that discoveries in the bio-technology and related fields of human science discoveries are the dream of advanced countries, but although the rewards are rich, the number of skilled workers in the field is few. The complexity of various cancer treatments is mind-boggling. Suffice it to say that, years ago, cancer genome sequencing studies turned up more and more genes involved in tumour progression.

It is sad to recall that, each year, more people die of cancer than of HIV, malaria and tuberculosis combined. Scientists at MIT say they are challenged by the sheer number of genes that, for example, are present in a typical lung tumour .A new study from MIT has revealed how cancer cells take some of their first steps away from their original tumour sites. This spread is responsible for 90 per cent of cancer deaths and studies are ongoing on how to combat it. Such tests developed in laboratories at MIT could help doctors determine whether a patient’s tumour is likely to spread or not, and possibly to guide the patient’s treatment.

In conclusion, the journey for Malta to acquire the entry ticket to the elite club of scientific research is hard but not unattainable. It is to be hoped that the modest attempt by PKF to pioneer this ambitious task will lead to success.

Wishing a blessed Easter to all readers.

George Mangion is a senior partner of an audit and consultancy firm and has over 25 years experience in accounting, taxation, financial and consultancy services. His efforts have seen that PKF has been instrumental in establishing many companies in Malta and have placed PKF at the forefront as professional financial service providers on the island..

He can be contacted at [email protected] or on 2149 3041