Hong Kong needs new funding model to draw investment from global drug makers: AstraZeneca

AstraZeneca, the Cambridge-based pharmaceutical giant, has called for a new funding model in Hong Kong to attract global biotech investments. While major drug makers have been increasing their investments in mainland China, AstraZeneca has brought over 60 clinical trials to Hong Kong and invested over HK$200 million (US$25.5 million) in the past three years.

The company's executive vice-president of oncology business, David Fredrickson, emphasized that Hong Kong has excellent science and a modern regulatory system, but needs modern funding to complement them. This modern funding could help cancer patients access personalized medicine and cutting-edge treatments out of pocket. Lung cancer screening, currently limited to cervical, colorectal, and breast screenings, is being promoted by AstraZeneca to include lung cancer as well.

Early detection of lung cancer is crucial, as early-stage diagnosis can lead to a five-year survival rate of up to 80%, compared to 15% for late-stage diagnosis. The cost of lung cancer screening varies based on patient risk factors, with smokers requiring higher investment per quality-adjusted life-year (QALY) compared to high-risk non-smokers.

Lung cancer was the most common and fatal cancer in Hong Kong in 2023, with 6,111 new cases and 3,880 deaths. AstraZeneca has been pushing for a concrete implementation plan for lung cancer screening, with a strict deadline to deliver real outcomes for residents.