Pudong's biopharmaceutical industry reaches a scale of 330 billion yuan

A view of the Zhangjiang medicine valley. [Photo/WeChat account: pdnews]

Pudong New Area has over the past three decades been transformed into one of the most vibrant biopharmaceutical zones in China.

Today, the area is home to the most research and development pipelines and new drug achievements in China.

In 2022, the scale of Pudong's biopharmaceutical industry reached 330 billion yuan ($45.3 billion). It was also where 15 percent of the country's original new drugs and 10 percent of innovative medical equipment originated.

Pudong New Area has had four category-one new drugs approved for marketing, the most in China, according to Wu Qiang, deputy chief of Pudong, at a news conference for the 2023 International Biopharma Industry Week Shanghai (IBIWS) on Oct 7.

To promote the integration of industry and capital, Pudong has been focusing on core technologies such as biopharmaceuticals, based on future industries such as cell genes and synthetic biology.

The district has also been building a world-class industrial cluster in biopharmaceuticals by leveraging technological innovation and capital element integration.

This includes supporting the development of venture capital enterprises, increasing support for venture capital institutions, optimizing the establishment and service process of venture capital institutions, creating high-standard venture capital institution gathering places, and rewarding venture capital institutions that make significant contributions.

"Pudong New Area will take advantage of the IBIWS. With more policy support, an improved innovation system, and more efficient business services, it will accelerate the creation of a biopharmaceutical industry cluster with world influence," Wu added.