Hong Kong pharmaceutical market to be valued at $23.4b by 2028

However, competition from neighbouring markets poses downside risks.

Hong Kong’s pharmaceutical market is projected to reach $23.4b by 2028 at a compound annual growth rate of 7.9% in local currency terms.

A BMI report said that Hong Kong will remain attractive for clinical trials, supporting the pharmaceutical sector’s expansion.

On 21 November, authorities announced the opening of the Greater Bay Area International Clinical Trial Institute in the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone.

The institute will feature a biobank, managed by the Hospital Authority and the Chinese University of Hong Kong, capable of storing over 400,000 biological samples.

However, Hong Kong’s small population size and competition from neighbouring markets such as Mainland China and South Korea pose downside risks.

These regions already have well-established clinical trial infrastructures and global networks, which may divert investment away from Hong Kong.