Hong Kong attracts US$832 million in investment from life-science technology firms setting up or expanding
- Forty-five life-science technology companies have set up or expanded in the city since last year
- Investments, which will yield 3,200 jobs, come amid government efforts to enhance Hong Kong’s position as a health innovation hub
Hong Kong has attracted 45 life-science technology companies to set up or expand in the city, investing HK$6.5 billion (US$832 million) since last year in what officials said is a global positive response to their effort to make Hong Kong a life and health innovation hub.
Hong Kong possesses several advantages for such companies, Maggie Lo, vice-president of life and health technology at Oases, said on Wednesday. It offers fundraising opportunities, cutting-edge research capabilities, robust policy support and a diverse pool of talent, she said.
Overseas companies are pleasantly surprised that the Hong Kong government has created funding incentives to support every stage of their development, from basic research to clinical trials, manufacturing, and sales and marketing, she said.
“We are stepping up our effort [to draw more companies],” Lo added. “So far the response has been overwhelmingly positive.”
Among the 45 companies, more than 60 per cent are in the therapeutics sector, which includes pharmaceutical products, advanced therapies and biologics.
Hong Kong’s capabilities in cutting-edge research make it well-suited for making strides in pharmaceutical research and development to discover novel drugs and develop advanced medical devices, said Andy Wong, head of innovation and technology at InvestHK.
