Shanghai's Hongqiao International Central Business District (CBD) is rapidly emerging as a hub for the biomedicine industry as more and more major biomedicine projects began operating there and local support for the biomedicine sector gets stronger.
With significant projects from industry leaders like Innovent Bio underway and the New Hongqiao International Medical Center nearing completion, Hongqiao's blueprint for a biomedicine industry worth over 1 trillion yuan ($136.38 billion) is becoming a vivid reality.
Biomedicine is one of Shanghai's three pioneering industries and is crucial to the high-quality development of the Hongqiao CBD. This year, Hongqiao will begin accelerating its efforts in the biomedicine sector. A dedicated Biomedicine Division has been assembled to optimize the business environment and support companies at every development stage.
The division's mission is to address enterprise needs promptly. For instance, in August, when Innovent Bio's global R&D center faced commuting challenges due to its distance from public transport, the Biomedicine Division coordinated with local authorities to establish shared bike parking, resolving the issue and improving employee commutes.
When the Wego Medical Park project faced utility connection issues, the division organized cross-departmental meetings, resolving water supply problems and progressing on electricity supply.
In 2019, Innovent Bio invested 1.5 billion yuan in Hongqiao to establish its global R&D center. This project accelerated the clustering of biomedicine enterprises in Hongqiao, attracting many leading companies. Innovent Bio recently announced that it will launch its first domestic dual-target weight loss and diabetes treatment injection in 2025, benefiting patients with obesity or other conditions related to being overweight.
The Biomedicine Division, composed of professionals with strong backgrounds in relevant fields, has already completed a preliminary report on advancing the biomedicine industry cluster in the Hongqiao CBD, aiming to create a first-class business environment to attract more biomedicine headquarters.
Source: shobserver.com
