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Hangzhou Attracts RMB1.5 Billion Investments in Bio-Pharmaceutical Projects

Hangzhou plans to be bio-pharmaceutical innovation city.

Hangzhou, capital of east China’s Zhejiang Province, is becoming a magnet for bio-pharmaceutical enterprises both in China and abroad.

Hangzhou has seen seven bio-pharmaceutical projects implemented in the first quarter of the year, with a total investment of 1.5 billion yuan, according to data from the Hangzhou Investment Promotion Bureau.

According to statistics, 3,870 new bio-pharmaceutical enterprises were established in the city in 2018, up 26 per cent year on year, and the newly added registered capital amounted to about 30.2 billion yuan, up 39.14 per cent year on year.

Of the global top ten pharmaceutical companies, seven including Pfizer, Merck & Co., Inc., and Abbott Laboratories have settled in Hangzhou.

In recent years, the bio-pharmaceutical field has been under the spotlight as domestic cities have considered it the key to industrial transformation and upgrade.

Hangzhou plans to build itself into a bio-pharmaceutical innovation city with the full chain conforming to ICH standards, with special focus on the three sectors of new drug R&D, medical devices and medical data.

Earlier in May 2018, Hangzhou released a guideline to promote innovative development of the bio-pharmaceutical industry, underlining the city’s support for the application of innovative bio-pharmaceutical products and its financial support for the industry.

According to industry analysts, the bio-pharmaceutical industry is a typical innovation-driven industry.

Hangzhou has been taking the lead in the bio-pharmaceutical industry. It has built the first e+ smart healthcare old-age demonstration community in China, which provides the real-time, fast and low-cost medical services for the aged through the modern technologies such as big data, cloud computing, and wearable devices. [APBN]

Source: Hangzhou Investment Promotion Bureau