Shanghai to support local biopharma firms’ overseas push, regulatory product compliance
The initiative aims to generate about US$7 billion from medical product exports by 2027
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 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.
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.