Over the past year, a total of 45 life science technology companies have made the decision to establish or expand their operations in Hong Kong, bringing with them an investment of HK$6.5 billion (US$832 million). This development is a highly positive response to the government’s efforts to position Hong Kong as a key player in life and health innovation.
Maggie Lo, the Vice-President of Life and Health Technology at Oases, has highlighted several key advantages that Hong Kong offers to companies in this sector. These include ample fundraising opportunities, state-of-the-art research capabilities, robust policy support, and a diverse pool of talented individuals. Overseas companies have also been pleasantly surprised by the funding incentives created by the Hong Kong government to support all stages of their development, from basic research to the final stages of manufacturing and marketing.
Of the 45 companies that have chosen to establish themselves in Hong Kong, more than 60% are in the therapeutics sector, which covers pharmaceutical products, advanced therapies, and biologics. This indicates Hong Kong’s potential to make significant strides in pharmaceutical research and development. Andy Wong, head of innovation and technology at InvestHK, has emphasized the potential for collaboration with mainland Chinese companies, particularly in the area of commercialization.
Wong has also highlighted Hong Kong’s potential in the field of diagnostics, including imaging and laboratory tests. The government has launched various support initiatives for life science companies, with a specific focus on financial policies that aim to benefit pharmaceutical firms and address the significant costs associated with drug development.
One area of particular focus for the government is expediting the approval process for new drugs, with plans in place to establish its own drug approval authority based on a “primary evaluation” system. This is intended to streamline the application process by requiring approval from only one reference drug regulatory authority, as opposed to the current reliance on approvals from 36 regulatory bodies in mainland China and overseas.
To further showcase Hong Kong’s latest innovation and technology policies and initiatives, the third International Healthcare Week is scheduled to take place from May 15 to 31. Hosted by the Hong Kong Trade Development Council, this event will provide an international platform for InvestHK and Oases to introduce the city’s advancements to global health leaders and delegations.
It is clear that Hong Kong’s strategic initiatives are attracting significant interest and investment from life science technology firms. The resulting 3,200 job opportunities will undoubtedly contribute to the city’s position as a thriving hub for health and innovation.