Country for PR: China
Contributor: PR Newswire Asia (China)
Wednesday, May 15 2019 - 23:42
Hangzhou attracts RMB1.5 billion investments in bio-pharmaceutical projects in Q1
HANGZHOU, China, May 15, 2019 /PRNewswire-AsiaNet/ --

Hangzhou, capital of east China's Zhejiang Province, 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 the latest data of the 
Hangzhou Investment Promotion Bureau on Wednesday.

Hangzhou has become a magnet for bio-pharmaceutical enterprises at home and 

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

Against this background, 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.

It is right for Hangzhou to target the bio-pharmaceutical field, which will 
undoubtedly be the first "black horse" to achieve breakthroughs, following the 
digital economy, said Yi Xianrong, a well-known economist.

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

The Bureau is negotiating with relevant departments to offer a place in West 
Lake for high-end talents and leading entrepreneurs in the bio-pharmaceutical 
field so that they can settle down here, said a relevant official of the 
Hangzhou Investment Promotion Bureau.

"From a global perspective, the bio-pharmaceutical industry is extensive, and 
some areas are still underdeveloped and have great potential. We are likely to 
be at the forefront of the world in the field," said the official.

As a matter of fact, 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. 

Source: Hangzhou Investment Promotion Bureau