SND expands pharmaceutical industry

Suzhou New District holds an online signing ceremony for 10 medical equipment and biopharmaceuticals projects receiving a total of 2.9 billion yuan in investment on May 10. [Photo/WeChat account: snd-szgxqfb]

Suzhou New District in East China's Jiangsu province held an online signing ceremony for 10 medical equipment and biopharmaceuticals projects receiving a total of 2.9 billion yuan ($426.88 million) in investment on May 10, local media outlets reported.

The projects, which mainly involve fields such as surgical apparatus, in vitro diagnostics, cell therapy, and drug delivery, are rich in scientific and technological content, have strong market prospects, and are capable of leading the development of other industries. They have completed several rounds of financing from Hillhouse Capital, IDG Capital and CICC Capital, and are expected to generate more than 100 billion yuan in output value after reaching their designed capacity.

A service center affiliated with the district government for the realization of medical equipment and biopharmaceutical achievements was unveiled that same day, helping integrate resources between local research institutes and enterprises and stimulating innovation in local industries.

Statistics show that SND is currently home to 785 medical equipment and biological medicine enterprises with an average annual increase in output value of more than 30 percent.

The district has also brought in a number of prestigious research institutes, set up a provincial-level medical device technological innovation center, and introduced over 500 industrial leaders.

In addition, it has set up a medical equipment industry mother fund of 10 billion yuan and a scientific and technological innovation angel fund of 2 billion yuan, aiming to facilitate industrial development in a balanced manner.