Chen Maobo: Hong Kong becomes the second largest biotech fund-raising center in the world

The Zhitong Finance App learned that Hong Kong's Financial Secretary Chen Maobo said in his speech at the International Biocomputing Innovation Summit that Hong Kong has become the second largest biotech fund-raising center in the world since the 2018 reform that allowed biotech companies without revenue to go public. Take the listing of an AI-related drug research and development company in Hong Kong in December of last year as an example, attracting investors from institutions including international pharmaceutical companies and China Science and Technology Group, reflecting Hong Kong's role as a “super contact” for mainland and overseas pharmaceutical companies, technology companies and investors.

Chen Maobo pointed out that the country's “15th Five-Year Plan” lists biomedicine as an emerging pillar industry, and lists biomedical manufacturing and brain-computer interfaces as future industrial development directions. Hong Kong also gives priority to supporting related industries and driving private investment through public-private cooperation and patient capital. The purpose is not only to increase R&D expenses, but also to allow promising research to prove results in time and invest resources in an effective direction.

Chen Maobo said that Hong Kong will provide researchers with clinical trial infrastructure, professional personnel and a regulatory framework to help verify the safety and efficacy of treatments. The main tasks include preparing the Hong Kong Drug and Medical Device Supervision and Administration Centre to establish independent evaluation capabilities; promoting the cross-border flow of data and biological samples in Hetao to connect Hong Kong-Shenzhen laboratories, clinical trials and real-world research; and preparing the Life and Health Science Research Institute and promoting the construction of a third medical school with HKUST, focusing on clinical research from the initial stage. At the same time, Hong Kong can also be used as a familiar and trustworthy platform to help international pharmaceutical companies and investors access new drugs being developed in China and connect innovative achievements and markets.

Chen Maobo believes that computational technology, Chinese pharmaceutical innovation, and long-term capital are bringing opportunities to reduce the cost of new drug research and development. Hong Kong will play a role in connecting computational models, patients, markets and capital to improve scientific research, clinical validation, supervision and financing facilities to help new treatments benefit patients more quickly.