Chongqing commits 2b yuan to biopharmaceutical growth

The 2024 Investment Promotion Conference of Biopharmaceutical Industry, a pivotal event featured as part of the 6th Western China International Fair for Investment and Trade, convened at the Chongqing Yuelai International Convention Center on May 23.

Hosted by Chongqing Free Trade Area Development & Management Co, the event extended invitations to all attendees to jointly establish a biopharmaceutical ecosystem and unveiled plans to establish a specialized biopharmaceutical sub-fund worth two billion yuan (about $276 million).  

The 2024 Investment Promotion Conference of Biopharmaceutical Industry takes place in Chongqing Liangjiang New Area. [Photo/Organizer]

Under the theme "New Opportunity, New Market, and New Future", the conference attracted key players including administrative institutions such as the Chongqing Medical Products Administration and Chongqing Customs District, alongside 55 prominent biopharmaceutical entities, among them industry giants Pfizer, AstraZeneca, and Medtronic, as well as experienced investment institutions.

China has identified the biopharmaceutical industry as a strategic pillar for future development, with plans outlined in the country's Medical Industry Development Plan for the 14th Five-Year Period. Notably, Chongqing is poised to emerge as a leading hub in this sector, aiming for an industry scale of 500 billion yuan.

At the forefront of this endeavor is the Chongqing Lianglu Guoyuan Port Comprehensive Bonded Zone, a comprehensive and open industrial platform. Leveraging its status as the primary entry port for imported pharmaceuticals and bioproducts, alongside its strategic advantages in transportation, location, policies, and resources, the zone unveiled plans to establish an advanced port-based biopharmaceutical industrial park, providing a full-chain service involving research, production, application, and sales.

Yan Wei, Chairman of Chongqing Free Trade Area Development & Management Co, underscored the zone's commitment to fostering the biopharmaceutical industry. Highlighting its integrated transportation network including rail, road, water, and air, internationally standardized biopharmaceutical cold chain storage facilities, and high-quality and efficient port clearance, Yan outlined plans for a comprehensive supply chain service platform encompassing procurement, storage, and settlement.

Chongqing Free Trade Area Development & Management Co signs strategic cooperation agreements with six companies at the conference. [Photo/Organizer]

Furthermore, the Comprehensive Bonded Zone announced the establishment of a specialized sub-fund worth two billion yuan dedicated to advancing the biopharmaceutical industry. This initiative aims to pioneer a model of cooperative development characterized by shared investment, management, development, and profits.

The conference witnessed the signing of strategic cooperation agreements between Chongqing Free Trade Area Development & Management Co, and six companies, spanning product research, medical apparatus production and testing, platform operation, and management consultancy. Additionally, over 20 biopharmaceutical companies embarked on tours of Chongqing's biopharmaceutical industrial park, distribution center, and international air cargo terminal.

Established in 2008, Chongqing Lianglu Guoyuan Port Comprehensive Bonded Zone stands as the sole inland customs special supervision area in China with dual functions as both a water port and an airport. Its annual foreign trade import and export volume stands at 200 billion yuan, constituting 25 percent of the city's total. Noteworthy infrastructure developments include the establishment of an imported biopharmaceutical distribution center, boasting a sprawling 30,000-square-meter footprint and a total investment of 500 million yuan.