Fenglin International Center is right choice for headquarters
Global contract research organization ClinChoice has announced it has set up its Chinese headquarters in the Fenglin International Center in Xuhui District.
The district is home to local health-care institutions and medical companies.
Zhen Ling, global chairman and CEO of ClinChoice, said it plans to fully leverage capabilities across functions and geographies, and expedite the development of new products and treatments for urgent medical demands.
The Fenglin International Center is operated by the state-backed Shanghai Fenglin Healthcare Industry Development Group to link upstream and downstream players, and private and public sectors to support health-care industry development in Xuhui District.
"We hope to build up an ecosystem with health-care institutions, research facilities, and to build a favorable business environment for them to deliver synergies and benefit the development of the contract research organizations," said Luo Han, head of the Fenglin Subdistrict Office at Xuhui District.
In late 2019, ClinChoice completed US$62 million of Series D round financing led by Goldman Sachs and Lilly Asia Ventures and built up clinical delivery centers across the US, China, Europe, India, Japan and the Philippines.
"We have seen a dramatic increasing demand from life sciences clients in China for high-quality services with accelerated timelines, they need contract research organizations with local knowledge and expertise," Zhen noted.
It's also an indication of the booming biopharma and life science industries in China.
Biopharma is a pillar industry in Shanghai’s plans to become a global hub of science and research.
The industry value grew about 12 percent last year to 383.3 billion yuan (US$53.98bn).
Third-party services grew 18 percent last year, and serve as a crucial link between upstream and downstream players, enabling both ends to focus on core functions and expertise without additional investment in other areas.