Hong Kong’s medical initiatives

Hong Kong, known for its financial prowess, is setting its sights on becoming a global medical hub, propelled by significant investments in technology and strategic collaborations. A key element in this ambition is the Hong Kong-Shenzhen I&T Park, part of the Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, which will unveil its first buildings later in 2024 with a focus on life and health technology research and development.

Complementing this, Hong Kong has established 16 life and health-related R&D centres within the InnoHK research clusters. Financially, the city has committed billions to the health industry through initiatives like the RAISe+ Scheme, bolstering life and health technology projects.

In November 2023, Hong Kong introduced the “1+” mechanism to expedite the registration of new drugs, aiming to boost drug development, clinical trials, and enhance the city’s drug evaluation capabilities. Additionally, the Hong Kong Centre for Medical Products Regulation is being developed to become an internationally recognised authority for drug and medical device registration, utilizing a “primary evaluation” approach based on clinical trial data.

Later in 2024, the Greater Bay Area International Clinical Trial Institute will be established in collaboration with Shenzhen, serving as a support centre for clinical trials and coordinating resources across public and private sectors in Hong Kong.

Private sector involvement is also robust, with the Hong Kong Medical and Healthcare Device Industries Association (HKMHDIA) connecting local companies with counterparts in Mainland China and expanding collaborations within the Greater Bay Area and internationally.

For businesses looking to tap into Hong Kong’s burgeoning medical sector, Mayon Solutions Limited offers comprehensive support in company registration and ongoing business development.

Reach out to us: sales@mayon.hk