Hong Kong targets biomedicine powerhouse status in debut 5-year plan

Hong Kong's inaugural five-year plan, to be announced next week, will prioritize the growth of the biomedicine sector, signaling a commitment to closer medical collaboration within the Greater Bay Area. This strategic move comes after global pharmaceutical giant GSK expressed its intention to enhance its presence in the region's biotech development at the fifth Hong Kong International Biotechnology Conference and Exhibition (BIOHK).

Hong Kong's Secretary for Health, Lo Chung-mau, affirmed that the city's plan will align with the national blueprint, which has identified biomedicine as a critical emerging industry. Lo emphasized Hong Kong's role as a "superconnector" and "super value-added" hub for biotech and manufacturing capacity in the Greater Bay Area, a region home to 88 million people and generating over 15 trillion yuan (US$2.23 trillion) in GDP in 2025.

The city is expected to create its own Centre for Medical Product Regulation by year-end to streamline approvals and achieve international recognition. GSK's CEO, Jonathan Symonds, revealed the company's shift in strategy, moving away from asset-heavy investments in China to become an integrator of existing assets. He highlighted the importance of preventive healthcare in addressing the economic burden posed by an aging population and rising chronic diseases.

Leung Chun-ying, vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference, further underscored Hong Kong's strategic position in Guangdong-Hong Kong cooperation, focusing on cell and gene therapy and high-end medical devices.