Hong Kong’s thriving biotech industry is developing into an important bridge between the West and mainland China, according to Hong Kong Financial Secretary John C. Tsang.
At the April 23 opening of the Hong Kong Science Park Biotech Centre, Mr. Tsang said the center is proof positive of the territory’s commitment to the continued growth and success of its biotech sector.
With the Mainland’s support and vast opportunities, the future certainly looks bright, the Financial Secretary noted. “The biotech industry has helped to diversify our knowledge-based economy and provide jobs. Our experts have gained international recognition for their work, including the identification of the SARS virus and other cutting-edge research,” he said.
Mr. Tsang highlighted the government’s support for the sector as a critical element for its success. For example, the Innovation and Technology Fund has financed more than 140 life-science research projects since its establishment in 1999.
In addition, a new commercialization initiative at the Science Park called the Life Science Acceleration Program (LAP) is ready to launch. Funding support of up to US$1.19 million for each project will be available.
Mr. Tsang said Hong Kong is strongly committed to science, which is the second element needed for a healthy biotech cluster.
“Six of our universities are engaged in biotechnology research, with over 250 high-impact biomedical publications produced annually. Hong Kong’s two medical schools are rated amongst the best in the world in clinical medicine, and have been conducting clinical trials for multinational companies. Our universities have long been a hotbed for innovation,” he said.
“Their close collaboration with the Science Park and its partner companies is a potent recipe for success.”
On the availability of talent in life science-related disciplines, the Financial Secretary said Hong Kong’s universities supply the field with quality graduates and researchers.
Beyond these three key elements, Mr. Tsang said, many Mainland and overseas companies find Hong Kong an attractive place to start businesses for other reasons.
“These include the rule of law, strong [intellectual property] IP protection, low and simple tax regime, free flow of information and world-class infrastructure,” he said.
“For those companies that have already established their foothold here, our well-developed capital market and global connectivity can help them expand their horizons,” he added.
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