Lin-gang Special Area in Shanghai is expected to become another hub for biomedicine companies over the next five years, contributing to the city's booming biomedical industry, according to the area's 14th Five-Year Plan (2021-25) for the industry released on Sept 18.

The output value of the area's biomedicine sector is expected to exceed 50 billion yuan ($7.85 billion) by the end of 2025, of which the manufacturing part will be worth more than 30 billion yuan. At that time, no less than 200 biomedicine-related companies and institutions, 10 companies valued at 1 billion yuan, and 10 top 100 pharmaceutical companies in China – will gather in Lin-gang Special Area.

The industry ecosystem will involve biomedicine R&D, services, production, and healthcare. More than 10 innovative drug registration applications and 100 medical device registration applications are required during the period.

In addition, the industry intends to employ about 2,000 senior management personnel, 2,000 R&D and technical executives, and 20,000 senior practitioners from the biomedicine sector around the world.

National and municipal related departments will coordinate to achieve wider adoption of the Marketing Authorization Holder (MAH) and Medical Device Registrant systems, in order to reduce time and money for companies by untying drug registration and production licensing systems.

The policy will particularly support companies that work on key products and research innovation, as well as encourage firms to make full use of special funds for the development of emerging industries.

Taking into account the current financing difficulties faced by biomedicine companies in the Lin-gang Special Area, the plan will expand the existing funds, and explore the special funds for early and mid-stage biomedicine R&D and industrialization. Furthermore, it will expand channels for international capital, and promote the listing of high-quality companies.

In addition, Lin-gang Special Area will precisely implement talent plans at all levels, and improve supporting policies for talent living in the area.

According to the plan, there are five main tasks to be carried out – targeting cutting-edge markets, leveling up the sector, integrating industries and technology, providing professional services, and speeding up the drive toward internationalization.