Lecheng pilot zone draws global biopharma firms
Updated: Aug 15, 2023 investinchina.chinaservicesinfo.com
Representatives from both domestic and international biomedical enterprises, such as Novartis, Boston Scientific, GE Healthcare, Sonova, Siemens Healthineers and Abbott, recently arrived in Hainan. Their presence signifies a strong vote of confidence in the growth potential of Hainan Free Trade Port and the Lecheng pilot zone.
They are keen to further enhance collaboration with the zone, with the aim of unlocking new avenues for development opportunities within the Hainan Free Trade Port.
The representatives believe strongly in the distinctive advantages and promising prospects of Hainan's policies, which are well poised to drive the high-quality development of the biopharmaceutical industry.
The combination of tax incentives and zero tariffs offered by the Hainan Free Trade Port, along with the pilot program policies of the Lecheng pilot zone, serves as a compelling magnet for foreign investment and corporate interest. These policies create lots of growth opportunities for multinational enterprises.
The Lecheng pilot zone assumes the role of a "testing field" for China's medical sector reform and opening up initiatives. Bestowed with exceptional authorizations by the State Council, it facilitates the exploration of innovative avenues for incorporating cutting-edge foreign medical technologies, devices, and pharmaceuticals within its boundaries.
Currently, the zone has fostered partnerships with eighty pharmaceutical and medical device firms spanning eighteen countries and regions, cultivating robust collaborative ties with the foremost thirty pharmaceutical and medical device enterprises worldwide.
The Lecheng pilot zone stands as China's first pilot area for the practical utilization of real-world data. Enacted via the Lecheng real-world research policy, this initiative empowers pharmaceutical and medical device enterprises to realize substantial time savings.
It efficiently truncates the timeline for the introduction of global cutting-edge pharmaceuticals and medical devices into the Chinese market, thereby curtailing market entry expenses. Ultimately, this approach extends the reach of advanced global medical technology and products, enabling a broader spectrum of Chinese patients to reap their benefits.
The Lecheng pilot zone is currently dedicated to crafting a platform that provides one-stop solutions across the entire biopharmaceutical industry chain. This endeavor transcends the confines of the production process, catering to the needs of global innovative pharmaceutical and medical device companies. The initiative is ushering in new development opportunities for various market entities.
A series of preferential policies and notable initiatives has cultivated a compelling appeal for investment in the Lecheng pilot zone.
The zone embraces a diverse array of market participants, including expert physicians, pharmaceutical enterprises and medical institutions, and fosters collaboration and synergy to harness the burgeoning prospects stemming from the Hainan Free Trade Port.