HK Harnesses Biopharma Innovation

A major focus of the work of Invest Hong Kong (InvestHK) is in enticing companies from the Chinese Mainland and overseas to explore international business opportunities through Hong Kong. Biopharmaceutical companies focused on advanced therapeutic products (ATP) are a key target sector in this endeavour.

Frank Su founded a Mainland-based biopharma technology company in 2016. Boasting research and development (R&D) centres in both the Chinese Mainland and the US, the company concentrates on pioneering cell therapy projects.

Recognising Hong Kong’s strong intellectual property protections and the exceptional R&D standards of its medical schools, in 2024 Mr Su opted to establish a new R&D base at the Hong Kong Science Park. In doing so, he was able to leverage both robust science and technology support from the Government, and the city’s progressive talent policies.

Policy support

“The biopharma or biotech industry is highly driven by talent and capital,” Mr Su remarked. “To enhance the ecosystem for the sector, companies require increased investment. Programmes like the Clinical Translational Catalyst from the Science Park, and the Research Talent Hub, can facilitate smoother transitions for our company and peers. These initiatives are crucial for reducing investment risks and boosting our long-term confidence in Hong Kong.”

Head of Innovation & Technology and Life & Health Sciences at InvestHK Andy Wong stressed that one major attraction for firms is that Hong Kong’s pharmaceutical standards facilitate seamless access to global markets. In particular, he highlighted that the city amended the Pharmacy & Poisons Ordinance in 2020, mandating that ATP clinical trials and manufacturing must adhere to global standards under the Pharmaceutical Inspection Co-operation Scheme (PIC/S).

Global pathway

Mr Wong explained: “In 2016, the Pharmacy & Poisons Board of Hong Kong became a participating authority of PIC/S. If a company conducts clinical trials in Hong Kong, the results will be recognised by other PIC/S members, such as the UK, Canada, Australia, and the European Union. This recognition is why many Mainland companies choose Hong Kong for clinical trials and product development, as it provides a pathway to global markets.”

On April 17, InvestHK will host a forum on ATP, at which government officials will explain the latest regulations and industry experts will gather to discuss the benefits of PIC/S, recent ATP developments, and how firms can leverage the PIC/S system to expand their global operations.

Mr Wong emphasised that department opens doors to growth and innovation by offering comprehensive support to companies looking to set up, expand, and scale in Hong Kong.