In its annual budget, the Hong Kong government identified biotechnology as one of the four key areas within innovation and technology. According to data from the Hong Kong Exchanges and Clearing Limited (HKEX), Hong Kong is the largest IPO center for biotech companies in the Asia-Pacific region and ranks second globally, only after the United States. The Hong Kong Science Park, the largest research base in Hong Kong, has seen the number of companies increase from 20-30 in 2016 to over 200 today. Among them, more than 160 are engaged in biopharmaceutical technology.

The Flourishing Development of Biotechnology

Hong Kong has advanced medical and health services. Its residents have one of the highest life expectancy rates in the world. The aging population is increasing year by year. Coupled with the increasing health awareness of consumers, the demand for medical and health services and products has increased. Faced with the challenges brought about by this increased demand, Hong Kong’s strong research capabilities, infrastructure, and talent pool provide sustainable and innovative solutions.

Hong Kong has established 16 State Key Laboratories, six Hong Kong branches of National Engineering Research Centers, and 22 partner laboratories of the Chinese Academy of Sciences. These strong research capabilities have consistently garnered recognition from both national and international communities.

Hong Kong's world-class technological infrastructure makes it an ideal location for R&D in the healthcare field. Related facilities include the Biomedical Technology Support Center, the Healthcare Devices Innovation Hub, the Chemical Co-working Centre, biobanks, and GMP facilities (for cell processing).

Talent is key to knowledge creation and innovation. According to the 2024 QS World University Rankings, five Hong Kong universities are ranked among the top 100 globally, with the University of Hong Kong and The Chinese University of Hong Kong ranking within the top 50 in the medical field. These universities are also among the world's top research universities, facilitating the rapid translation of research results into successful products.

Hong Kong's research capabilities have attracted many top universities and research institutions from around the world. For example, the Massachusetts Institute of Technology (MIT) has established the MIT Innovation Node in Hong Kong, providing a shared space that connects MIT with Hong Kong's academic, business, and community sectors through education and public activities. The University of Hong Kong, in collaboration with the Karolinska Institute, has established the Dr. Li Dak-Sum Research Centre in Regenerative Medicine in Hong Kong, offering a world-class environment for stem cell and regenerative medicine research.

Hong Kong's strategic location at the heart of the Asia-Pacific region, coupled with the development of the Guangdong-Hong Kong-Macao Greater Bay Area, presents significant opportunities for the healthcare industry. Currently, there are more than 250 biotech-related companies in Hong Kong, most of which are healthcare companies engaged in areas including drugs, medicinal or health products based on traditional Chinese medicine, and medical and diagnostic equipment. These companies are involved in product R&D, manufacturing, marketing, and sales.

A Key Hub for Innovative Healthcare

According to HKEX data, Hong Kong is the largest IPO center for biotech companies in the Asia-Pacific region and ranks second in the world after the United States. As of December 31, 2023, 63 companies have gone public under the biotech company listing mechanism outlined in Chapter 18A of the Hong Kong Stock Exchange's Listing Rules.

In 2023, the global capital market faced severe challenges, with overall market financing down 56% year-on-year and the number of new listings down 19% year-on-year. In contrast, HKEX raised $510 million, maintaining stability compared to the previous year (eight biotech companies listed in 2022, raising a total of $473 million), indicating that Hong Kong's biotech ecosystem continues to attract relatively high attention with a promising outlook.

To further strengthen Hong Kong's position as a global research collaboration center, the Hong Kong government's flagship project, "InnoHK," has successfully attracted 28 research laboratories jointly established by world-class universities and research institutions with local universities.

Hong Kong has already become a springboard for innovative pharmaceutical companies seeking to go global. Mainland biotech companies are highly likely to choose Hong Kong as their first stop abroad, including considering establishing international headquarters, R&D centers, and even future manufacturing bases in Hong Kong.

Great Bay Bio: Empowering Hong Kong's Biotechnology Development

The headquarters of Great Bay Bio' is located in the Hong Kong Science Park. The company is dedicated to applying artificial intelligence platforms to drive bioprocessing innovations, addressing pain points such as long drug development timelines, high costs, and low success rates, with a long-term goal of enhancing human life, health, and value.

Great Bay Bio actively participates in international technology exchanges, government innovation park construction, and university-industry collaboration in Hong Kong. The company has received recognition and support from the Hong Kong government and other institutions and has been successfully selected for the HKSTP Elite Programme.