Shanghai’s municipal government seeks to encourage local biopharmaceutical firms to get their products certified by the US Food and Drug Administration and European Medicines Agency, as part of a broad plan to enhance the city’s “international competitiveness” in this field.
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According to the government’s 2024-2027 action plan published on Thursday, Shanghai will boost support for local biopharmaceutical companies to have their drugs and medical devices approved in overseas markets.
This initiative aims to generate 50 billion yuan (US$7 billion) from medical product exports by 2027, with up to three local companies expected to achieve more than 10 billion yuan in annual overseas sales.
The action plan, which was passed by Shanghai’s municipal government on September 30, is expected to help local biopharmaceutical firms go global, with a focus on research and development (R&D) in the areas of “synthetic biology, cell and gene therapy, nucleic acid drugs and brain-computer interfaces, as well as artificial intelligence (AI)-supported pharmaceuticals”.
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The plan will also back local firms’ efforts “to set up R&D centres and other branches overseas”, as well as create overseas research teams that cooperate with high-level research institutes and leading drug makers overseas.
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Shanghai’s latest action plan aligns with mainland China’s broader endeavour to move forward the country’s biopharmaceuticals industry, reducing reliance on foreign products.