Suzhou City opened a biomedical development conference on April 25 amid a plan to host over 10,000 companies in the sector within ten years and increase the industrial scale to more than one trillion yuan.

Lan Shaomin, member of the standing committee of the CPC Jiangsu Committee and secretary of the CPC Suzhou Committee, said the biomedical industry will put Suzhou on the map as the city keeps pace with S&T progress and accelerates efforts to build up a world reputation in the industrial layout changes.

At present, Suzhou's biopharmaceutical industry spans the entire value chain including raw materials, R&D, manufacturing, distribution and service, boasting an industrial size of 172.8 billion yuan and winning the recognition as one of the first national strategic emerging industry clusters.

On the basis of 15 biopharmaceutical industrial parks, Suzhou will set up a fund totaling 20 billion yuan to support biopharmaceutical and medical health industries.

For example, since the establishment in 2011 in Suzhou, Innovent Biologics has quickly developed from a team of less than ten people to a fully-integrated platform listed on the Stock Exchange of Hong Kong in 2018, the biggest biotech IPO that year.

Zhou Qinwei, CEO of the company, said Suzhou enjoys clear advantages to develop biomedical industry for earlier launch, strong support and sound progress.

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