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Hangzhou supports development of biomedicine sector

Updated: May 22,2018 9:49 AM     Xinhua

HANGZHOU — The Eastern Chinese city of Hangzhou released a guideline on May 21 to help boost innovation in the city’s biomedicine industry.

Hangzhou will work to become a leading city in China for research and development in the biomedicine sector by 2020, with the sector’s revenue exceeding 100 billion yuan (around $15.6 billion), according to the guideline.

It also aims to become a biomedical innovation city with global influence, said the guideline.

Hangzhou will prioritize developing new biotechnological drugs such as antibody drugs and new vaccines, according to the guideline.

In 2017, the total industrial output value of biomedicine companies in Hangzhou hit nearly 50.8 billion yuan, up 22.9 percent year-on-year.

Seven of the 10 top global biomedical companies have set up offices in the city’s economic and technological development area.