Letters | How Hong Kong can help Chinese drug makers go global
Readers discuss opportunities from medical innovation, tech standards in Hong Kong, and how to stop people treating corals like inanimate objects
On October 9, the Office for Attracting Strategic Enterprises welcomed a new batch of strategic enterprises establishing or expanding their operations in Hong Kong, including top global pharmaceutical companies such as GlaxoSmithKline and Roche. They aim to expand their innovative drug registrations and access to untapped markets by taking advantage of favourable Hong Kong policies such as “primary evaluation” and the “1+” mechanism.
The arrival of these pharmaceutical giants also validates the appeal of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, which will allow the smooth flow of personnel, equipment, funding and data over the border.
Now, let us take a look at the global drug scene. Chinese drug makers have quickly moved up the supply chain, evolving from makers of active pharmaceutical ingredients into innovative drug makers. China’s share of global drug development is nearly 30 per cent, while the United States’ has fallen to about 48 per cent.
The trend will continue because with patents for blockbuster drugs expiring by 2030, US pharmaceutical companies need to rebuild their pipeline quickly and yet the cost of drug development remains extremely high.