A peek into Hong Kong’s healthcare balance sheet

Chief Executive John Lee revealed developments in research and biotech funding.

As Hong Kong strives to become a global innovation and technology hub, Chief Executive John Lee disclosed its strong research capabilities in life and health sciences and R&D.

At the opening of Asia Summit on Global Health held at the Hong Kong Convention and Exhibition Centre, Lee said they are also leveraging the market’s connectivity within the Greater Bay Area (GBA), the cluster-city development integrating Hong Kong and 10 other cities in southern China.

Under Hong Kong’s balance sheet in the healthcare industry is its funding and R&D intelligence to help it to become the world-class centre for medical research and development.

Aside from this, Hong Kong is also investing in the biotech community, which supports the expansion of tech-driven life and health startups.

As of the end of March, 56 pre-revenue, pre-profit biotech companies had listed in Hong Kong, raising nearly $841.4 (US$15b).

The government also earmarked $10b for the Research, Academic & Industry Sectors One-plus Scheme. This RAISe+ Scheme will fund, on a matching basis, at least 100 university research teams with potential to become flourishing startups.

“We are determined to boost collaboration among our academic, research and industry sectors. I am confident that our efforts will help drive the commercialisation of our R&D outcomes, including those targeting life and health technology,” said Lee.

Lee also mentioned that the world needs to remain ready even though COVID-19 is no longer a public health emergency.