Construction began today on a major biomedical park in north Baoshan District designed to become a Yangtze River Delta region pharmaceutical “highland.” The MEDIPARK, developed by Guosheng Industrial Transformation Capital, is scheduled to open in September 2022 in historical Luodian Town, which dates back to the Yuan Dynasty (1279-1368). The park will cover 130,000 square meters and house about 100 biomedical companies, with a total annual tax revenue of over 100 million yuan (US$15.32 million). The annual production value will be more than a billion yuan. About 1,000 people are expected to work on the site. The project's first phase will focus on biomedical products, medical equipment and new medicines. Company headquarters, research and development (R&D) centers, production lines and other industrial chains will be based in the park, according to the district government. Leading biomedical firms such as Jingze Biotech, Merck, Covance and Laekna have signed cooperative agreements with the park. Guosheng capital has created a special 500-million-yuan foundation to support companies’ R&D and rapid growth, as well as the park’s construction and investment promotion. The park is one of the biggest projects in Baoshan’s North Shanghai Biomedical Industrial Park, one of five specialized biomedical parks in the city. Baoshan has made biomedicine a key industrial pillar to serve Shanghai’s plan to build a global scientific innovation center. It's on track to become the key region for the Yangtze River Delta region biomedical industry cluster, the new landmark for Shanghai’s biomedical sectors and the new highland for the full industrial chain of China’s biomedical industry, according to the district government. More than 30 supportive measures for biomedical companies have been implemented to provide full life-cycle support. A special service team will offer tailored services on everything from registrations, approvals and construction to operations, the Baoshan government said. Luodian Town was once the biggest marketplace in the area, known as “Golden Luodian.” The township government has been transforming traditional industrial parks to restore their former historical glory.