Energetically touting itself as “Asia’s World City” as well as a connector between East and West with its inextricable links to both mainland China and the international community, Hong Kong is today seeking to augment its position as a global financial center by transforming itself into a biotech and biomedical innovation hub. With its mercantile and reactive nature, under the leadership of Chief Executive Carrie Lam, who designated biomedical sciences and healthcare as key national priorities when Lam assumed position in 2017, slowly but surely the entire city is adapting and rearranging itself to pivot in that direction.
Despite its small population size, Hong Kong has long held a strategic interest for the healthcare and life sciences industries, whether as a testbed for innovative products and service delivery models as a result of its efficient regulatory approval system — or as an incubator for start-up companies looking to penetrate both mainland Chinese and international markets.
This report features the insights of biotech executives, research scientists, government representatives and the region managers of some of the world’s largest and most innovative pharmaceutical companies who highlight the importance of a national framework for the development of the healthcare and life sciences sectors.
Exciting and significant developments, such as the Hong Kong Stock Exchange’s unprecedented decision to allow pre-revenues and pre-product biotech companies to list on a new board and the significant amounts sunk into biomedical innovation and the biotech start-up ecosystem by the government, coupled with a fundamentally robust and well-regarded healthcare system, are promising signs that augur well for Hong Kong’s long-term aspiration to become a global biotech hub.