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The Hong Kong Science and Technology Parks Corporation (HKSTP) participated in the “Think Business, Think Hong Kong” symposium organised by the Hong Kong Trade Development Council (HKTDC) on September 19th at the Carrousel du Louvre in Paris.
HKSTP, Hong Kong’s largest innovation and technology (I&T) ecosystem and incubator, will led a group of leaders in the health and biotech sectors to discuss how Hong Kong can support biotech startups and major pharmaceutical companies in France to expand successfully and tap into the vast potential of Asia’s healthcare markets. In turn, French expertise and talent will contribute to Hong Kong’s aspiration to become a global hub for biotech and innovation technology.
Key figures like France’s Minister for Foreign Trade, Economic Attractiveness, and French Nationals Abroad, and the Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government will join prominent business leaders at the event, including the Chairman of HKTDC, and the CEO of HKSTP to explore collaborative opportunities between the French and Hong Kong I&T ecosystems.
The Asia Pacific region is poised to be the world’s fastest-growing biotech hub, with a projected compound annual growth rate of 16.9% from 2022 to 2030, according to Vision Research. This region is witnessing improvements in healthcare infrastructure, supportive government policies, and the increasing challenge of an aging population. Hong Kong’s strategic location makes it an ideal gateway to both the substantial North Asian markets and the rapidly expanding Southeast Asian economies.
To address these opportunities and challenges, HKSTP is hosting a biotech-focused session and pavilion at the “Think Business, Think Hong Kong” symposium. Four prominent executives from thriving Hong Kong-based biotech companies will showcase the city’s capacity to drive innovation on a global scale.
In parallel, French startups, fuelled by record funding in 2022, are seeking expansion opportunities, aligning with the French government’s Healthcare Innovation 2030 plan. This plan, with a substantial budget, aims to position France as a leader in biotech innovation in Europe.
The CEO of HKSTP emphasised that Asia, and Hong Kong in particular, provides diverse opportunities for French biotech companies to scale up and venture into global markets. French expertise will also play a crucial role in Hong Kong’s ambition to become an international innovation hub.
Hong Kong’s position as Asia’s leading biotech funding hub is reinforced by the Hong Kong Stock Exchange’s biotech-friendly Chapter 18A listing policy. Additionally, it ranks 12th in the World Index of Healthcare Innovation, surpassing countries like the United Kingdom and Canada. The government’s support includes the InnoHK initiative, featuring 14 research clusters dedicated to biomedical and health tech, situated at Hong Kong Science Park.
HKSTP has established a thriving, fully integrated biotech ecosystem that guides ventures through every stage of the startup-to-scale-up journey. It hosts around 250 biotech ventures, benefiting from incubation programs such as the dedicated Incu-Bio program, subsidies, and supportive government policies. Hong Kong boasts world-class talent, with five universities ranked in the top 100 globally, and China’s projected annual output of 77,000 STEM PhDs per year by 2025, surpassing the US.
Moreover, HKSTP has fostered significant collaborations with global pharmaceutical leaders and healthcare institutions, facilitating expansion into the Greater Bay Area (GBA), China, the Asia Pacific, and global markets.
Hong Kong already boasts a substantial French presence, with 800 French businesses, including subsidiaries and regional headquarters, according to the French Embassy. Interested parties can participate in the HKTSP biotech pavilion and hear from leaders in biotech innovation, as well as other experts in the innovation ecosystem, at the “Think Business, Think Hong Kong” symposium.
