Government News
Shanghai Launches Program to Boost Biomedicine Investing 2023-04-20
Shanghai Launches Program to Boost Biomedicine Investing
Shanghai has debuted an investment program to grow the city's biomedicine industry with market players including AstraZeneca and Sanofi.
The goal of the program is to build an investment promotion platform for the local biomedicine industry to integrate industrial resources and better grasp the direction of innovation, Yicai Global learned at the launch ceremony yesterday.
The city's biomedicine industry was worth USD853.7 billion last year, up nearly 6 percent from 2021, according to a document released during the event. The number of biomedicine firms listed on Shanghai's Nasdaq-style Star Market rose by 11 to a total of 30 as of Dec. 21, 2022.
By year-end, Shanghai aims to expand the biomedicine industry to be worth at least CNY900 billion (USD130.9 billion), with an output of more than CNY200 billion. By 2025, the industry will be worth more than CNY1 trillion (USD145.4 billion), with an output of CNY240 billion, Li Jia, director of the biomedicine division of the municipal commission of economy and informatization, said during the event.
Biomedicine is one of Shanghai's three leading industries of Shanghai, Li said. The city aims to build a world-class "friend circle" through this program to make the sector more competitive and influential, the director added.
The first program partners consist of leading medical firms, investment platforms, and professional services institutes, including local drugmakers Shanghai Pharmaceuticals Holding and Shanghai Fosun Pharmaceutical Group.
Moreover, the group also includes foreign players such as Roche, AstraZeneca, Boehringer Ingelheim, bioMerieux, Sanofi, IQVIA, Siemens, General Electric, Sequoia Capital, and property consultancy Cushman & Wakefield.
Source: Yicai
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