Top scientists and entrepreneurs expected at International Biopharma Industry Week
The International Biopharma Industry Week Shanghai will be the latest effort by the city to link industry players, researchers and financial institutions and promote innovative treatment.
Opening on October 11, the four-day event will feature top scientists and entrepreneurs, providing strategic links between domestic and international players.
The weeklong event is set to become an annual industry gathering with geographically iconic influence, according to Shanghai Association for Science and Technology Deputy Director Liu Ping.
Running from October 11 to October 14, it is co-organized by the Shanghai Center of Biomedicine Development, E Fund Asset Management Co, Shanghai Pharma Group, Fosun Group and ZJ Group and includes a keynote forum and more than 20 industry forums at various districts and industry parks.
An international level influential industry forum that brings together industry gurus, research minds and financial institutions would further boost Shanghai's foothold in the biophamra segment, said Liu.
Last year, Shanghai's biopharmaceutical industry was valued at 600 billion yuan (US$93 billion) with gross industrial output of 140 billion yuan.
Shanghai's three-year action plan for biopharma aims to enhance the annual industrial output to 180 billion yuan and become a world-leading industry cluster.
Import procedures for medical devices are set to be relaxed as well. Incentives will be given to innovative chemical drugs, biopharmaceutical and traditional medicine.
The city is also strengthening research work for new disease targets, new mechanisms and molecular entities and new treatment methods.
Shanghai also aims to enhance soft power and relevant industry services, and prioritize research transformation channels to further unleash growth opportunities in the sector, said director Li Jia, at the Biopharma industry development commission of Shanghai Association for Science and Technology.
Local biotechs have proliferated in recent years thanks to speeding up the review system for new drugs and prioritizing new treatment, giving rise to new types of services such as contract research, contract manufacturing and financial services.
Deloitte's latest survey of more than 150 executives and investors in the pharma and healthcare industry suggest over 60 percent expect a rather bright outlook, and forecast more than 10 percent growth in 2021.
Fifty seven percent say they have a better outlook for the China market compared with pre-pandemic times and may further elevate their China focus.
With the government's emphasis on innovation and first-in-class products for China, the new drug registration and market access timeline are expected to be further shorten and accelerate under the dual circulation strategy, it pointed out.