BRIEF—Hangzhou attracts 1.5 billion renminbi investments in bio-pharmaceutical projects in Q1

Hangzhou, the capital of east China's Zhejiang Province, has seen seven bio-pharmaceutical projects implemented in the first quarter of the year, with a total investment of 1.5 billion renminbi (~$220 million), according to the latest data from the Hangzhou Investment Promotion Bureau today.

Hangzhou has become a magnet for bio-pharmaceutical enterprises at home and abroad.

According to statistics, 3,870 new bio-pharmaceutical enterprises were established in the city in 2018, up 26% year-on-year, and the newly added registered capital amounted to about 30.2 billion renminbi, up 39.14% year-on-year.

Of the global top ten pharmaceutical companies, seven including Pfizer, Merck & Co and Abbott Laboratories have settled in Hangzhou.

In recent years, the bio-pharmaceutical field has been under the spotlight as domestic cities have considered it the key to industrial transformation and upgrade.

Against this background, Hangzhou plans to build itself into a bio-pharmaceutical innovation city with the full chain conforming to ICH standards, with special focus on the three sectors of new drug R&D, medical devices and medical data.

Earlier in May 2018, Hangzhou released a guideline to promote innovative development of the bio-pharmaceutical industry, underlining the city's support for the application of innovative bio-pharmaceutical products and its financial support for the industry.