Feb 11, 2019 (China Knowledge) - In its bid to catchup to cities such as Beijing, Suzhou and Shanghai, the city is now offering drug companies incentives to set-up operations in the city to develop new, novel drugs.
Such incentives have attracted companies such as GE Healthcare, which is subsidiary of conglomerate General Electric and specializes in medical imaging, diagnostics equipment and pharmaceutical manufacturing technologies.
The company is planning to build its first Asian biotech campus which spans 350,000 square meters in the China-Singapore Guangzhou Knowledge City 35 kilometers downtown of Guangzhou by investing up to USD 800 million into the project.
In addition, GE will also work with the Guangzhou government and biotech industry players to fund “KUBio” modular bio-pharmaceutical factories which can shorten completion time from 30 months to 18 months, cut construction costs by half and accelerate the commercialization of drugs.
Guangzhou's move to turn itself into a biopharmaceutical hub comes as China emerges as the world’s second largest pharmaceutical market with cities such as Beijing, Shanghai and Suzhou being key drug development centers.
To attract more international companies to choose Guangzhou over other Chinese cities, the city's government is offering companies with government investment, cheap land as well as loans. Some companies that have taken advantage of the government's supportive policies to start operations there include, Lonza which is one of the world's largest biopharmaceutical contract manufacturer and Beijing-based oncology firm Beigene.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI