Hangzhou Attracts RMB 1.5 Billion in Biopharma Investments in Q1, Advances as Innovation Hub

HANGZHOU, China, May 16, 2019 /PRNewswire/ -- The latest data from the Hangzhou Municipal Investment Promotion Bureau shows that in the first quarter of this year, Hangzhou introduced a total of seven biopharmaceutical projects, with a total investment of RMB 1.5 billion.

Hangzhou has now become one of the preferred destinations for investment by biopharmaceutical companies both in China and abroad.In 2018, the wholeThe city saw the establishment of 3,870 new biopharmaceutical enterprises, with newly added registered capital reaching RMB 30.234 billion, representing year-on-year increases of 26% and 39.14%, respectively. Seven of the top ten global pharmaceutical companies, including Pfizer, Merck Sharp & Dohme (MSD), and Abbott, have established a presence in the city.

In recent years, the biopharmaceutical sector has garnered significant attention. Major cities regard it as a key driver for industrial transformation and upgrading.

Against this backdrop, Hangzhou has embarked on planning to build itself into a biopharmaceutical innovation hub with full-chain alignment to ICH standards, establishing three pillar support systems and implementation pathways: “new drug R&D, medical devices, and medical data.”

As early as May 2018, Hangzhou issued opinions on promoting the innovative development of the biopharmaceutical industry, emphasizing the city's support for the application of innovative biopharmaceutical products and financial and fiscal support for the industry.

Renowned economist Yi Xianrong stated that Hangzhou has made the right choice in pursuing the biopharmaceutical sector. The biopharmaceutical industry will undoubtedly be the first “dark horse” to break through among Hangzhou’s six major industries, following the digital economy.

BirthThe biopharmaceutical industry is a typical innovation-driven sector.

A relevant official from the Hangzhou Municipal Investment Promotion Bureau stated that the bureau is currently in discussions with related departments to prepare a substantial space in the core scenic area of West Lake. This space is intended to serve as a hub for high-end biomedical talent, including leading entrepreneurs, thereby facilitating the establishment of a decision-making center for the biopharmaceutical industry and the aggregation of top-tier professionals in Hangzhou.

In fact, Hangzhou’s biopharmaceutical industry has always been at the forefront of industrial development. Hangzhou has established China’s first “e+” Smart Medical and Elderly Care Engineering Demonstration Community, leveraging modern technologies such as big data, cloud computing, wearable devices, and the Internet of Things (IoT) to provide real-time, efficient, and low-cost medical and elderly care services.