A Memorandum of Understanding (MoU) was signed by the Chinese University of Hong Kong (CUHK) and a biotechnology company based in China with the aim of strengthening their collaboration in innovative biomedical research, fostering talent development and promoting the commercialisation of research findings.
During the MoU signing ceremony, witnessed by high-profile attendees such as legislative council members and executives, CUHK’s Pro-Vice-Chancellor (Strategic Development) and the biotechnology firm’s Executive President signed the agreement. CUHK’s Provost Professor and the company’s Chairman were also present. Additionally, CUHK’s Office for Greater Bay Area Developments Director and the company’s Vice President were in attendance.
By signing the MoU, the two parties have embarked on a significant partnership in biomedical science initiatives that will extend throughout the Guangdong – Hong Kong – Macao Greater Bay Area. This collaboration demonstrates the commitment of both institutions to bolstering Hong Kong’s position as a global hub for innovation and technology. It is a concrete step towards realising a new vision for technological development and supporting Hong Kong’s contribution to national progress.
CUHK’s Provost shared that CUHK, established in 1963 as a teaching-oriented institution, transformed into a research-oriented university in the 1980s and 90s. Over time, the university has further evolved to emphasise research, education, and innovation.
He expressed that the development of innovative technology, particularly in biomedicine, cannot be achieved through the efforts of a single university alone. He is confident that the MoU signed is the start of closer collaboration with both local and international enterprises in the future.
The s Chairman of the biotechnology company expressed his delight in signing the agreement with CUHK and highlighted the university’s strong research and development background. He also noted that biotechnology has a leading role in regional and international projects. He believes that the collaboration between the two entities will combine their resources and expertise to accelerate the commercialisation of research findings, facilitate the clinical development of new therapies and contribute to the advancement of biomedicine and healthcare.
Legislative Council Member, the Hon Duncan Chiu, expressed the government and the Legislative Council’s longstanding focus on fostering collaboration between institutions and enterprises in research and development. He expressed his satisfaction in witnessing CUHK’s commitment to collaborating with more enterprises to contribute to Hong Kong’s growth as a global innovation and technology hub.
The MoU represents a significant milestone in the parties’ collaboration towards advancing biomedical research, talent cultivation, and commercialisation of research outcomes in the Greater Bay Area and beyond. This partnership marks a commitment towards leveraging their respective resources and expertise to accelerate the development of new therapies, improve healthcare outcomes, and support Hong Kong’s role in contributing to national development.
The collaboration also reinforces Hong Kong’s position as a global hub for innovation and technology and highlights the importance of cooperation between institutions and enterprises in research and development. Overall, this agreement signifies a promising future for innovative biomedical research in the region.
The global biotechnology market has seen remarkable growth in recent years, with an estimated value of US$ 1,023.92 billion in 2021. The market is expected to continue to expand at a compound annual growth rate (CAGR) of 13.9% from 2022 to 2030, driven by a variety of factors such as government support, standardisation of clinical studies, and the growing focus on personalised medicine.
The increasing number of orphan drug formulations and emerging innovative biotechnology companies are also fuelling the market’s growth. With such developments and a growing focus on research and development, the biotechnology market is expected to see continued expansion in the coming years, creating new opportunities for both established companies and newcomers to the field.
