Waigaoqiao attractive to intl biomedical enterprises
The Siemens Healthineers booth at the China International Import Expo in 2020. [Photo/healthcare.siemens.com.cn]
A growing number of world-leading biomedical enterprises are regarding Waigaoqiao as a springboard for greater growth due to its complete biopharmaceutical industry ecosystem.
Renowned for its stable industrial and supply chains, as well as intensive industrial resources and supportive measures, the Waigaoqiao Free Trade Zone of the China (Shanghai) Pilot Free Trade Zone in Pudong New Area, East China's Shanghai is now home to 886 biomedical enterprises, with a total industrial scale of 221.8 billion yuan ($34.83 billion), accounting for one third of Shanghai's total.
Siemens Healthineers, a German medical technology giant, established its individual proprietorship in Waigaoqiao in 2020, which is expected to help Siemens deepen the innovative application of digital technology.
"Apart from Waigaoqiao's policy advantages, it has a better business environment and high-efficiency government services," said Wang Qiang, CFO of Siemens Digital Healthcare.
Wang added that Siemens Digital Healthcare has to date applied for more than 20 patents and that the company has invested over 50 million yuan in research and development this year. The company has also witnessed significant growth in its business income, which is expected to exceed 1 billion yuan this year.
Propelled by the supportive policies on trade facilitation in Waigaoqiao, an increasing number of innovative products are entering domestic and foreign markets at a faster pace, which is an important factor for the increase of international leading biomedical enterprises that are choosing Waigaoqiao as their investment destination.
US-based sequencing and array technology company Illumina has expanded its business to the Chinese market, introducing many innovative products and technologies to China since it founded its Chinese subsidiary in Waigaoqiao in 2019.
The company said that it will continue to leverage high-throughput gene sequencing technology to bolster China's healthcare system, improve molecular detection capabilities in hospitals, and contribute to the development of precision medicines.
Statistics show that the business income of Illumina grew by more than 50 percent year-on-year in the first three quarters of the year. The company also signed agreements with 25 cooperative partners and inked collaborations valued at more than 1 billion yuan at the fourth China International Import Expo, which was held in Shanghai in November.
"We will actively participate in international competition and improve the business environment in line with world-class standards. Greater efforts will be made to build Waigaoqiao into a hub for the biomedical industry and to promote the high-quality development of the area," said Wen Daxiang, director of the Shanghai Municipal Drug Administration.