Why invest in Hong Kong's healthcare industry
Hong Kong has eight competitive advantages, according to InvestHK.
Hong Kong is a strategic location for medical technology innovation in the Greater Bay Area, Invest Hong Kong's Head of Innovation and Technology, Andy Wong, said during the 13th Hong Kong International Medical and Healthcare Fair.
The city's first advantage is its proximity to markets. Wong said it only takes around four to five hours to cover half of the world's population.
Five of its research and academic centres entering the Times Higher Education's 2023 list of World University Rankings is also a factor to consider. These are the University of Hong Kong, Chinese University of Hong Kong, Hong Kong University of Science and Technology, Hong Kong Polytechnic University, and City University.
Wong also highlighted Hong Kong Science and Technology Parks Corporation (HKSTP) and Cyberport as the city's two flagship research and development (R&D) campuses.
Apart from these, the government is committed to making Hong Kong a global healthcare hub.
The repositioning of its three industrial estates in Tai Po, Tseung Kwan O, and Yuen Long into InnoPark is one of the government's initiatives in supporting re-industrialisation to advance Hong Kong's manufacturing facilities.
It has also allocated HK$10b InnoHK budget for global research collaboration in health and artificial intelligence robotics clusters. In the last five years, over HK$150b was invested for grants, venture funds, tax incentives, and R&D cash rebates.
Hong Kong has a dual-track healthcare system and its clinical trials data are recognised by National Medical Products Administration, the Food and Drug Administration, and the European Medicines Agency.
Finally, according to Wong, Hong Kong is also Asia's largest and the world's second-largest biotech IPO platform.
The Hong Kong International Medical and Healthcare Fair is organised by the Hong Kong Trade Development Council as part of the inaugural International Healthcare Week.