Developing Hong Kong into Asia’s Leading Clinical Innovation Hub
Developing Hong Kong into Asia’s Leading Clinical Innovation Hub
Our Hong Kong Foundation (OHKF), in strategic partnership with Hong Kong Science and Technology Parks Corporation (HKSTP), today released a policy advocacy report entitled Developing Hong Kong into Asia’s Leading Clinical Innovation Hub. Clinical research supports biotechnology as a strategic pillar of Hong Kong's Innovation and Technology (I&T) development. Clinical trial in particular is vital to bridge the gap between Hong Kong’s academic excellence and drug commercialisation, attracting biotechnology companies to Hong Kong as home to their new drugs’ development and ultimately benefitting patients with drugs from the latest clinical breakthroughs. Experience of the UK National Institute for Health and Care Research (NIHR) demonstrates that a £1 investment in clinical trials can generate economic benefits of up to £7.6, underscoring its economic potential.
With two universities ranked top 50 globally in medicine and top 100 in pharmacy and pharmacology, as well as well-recognised, world-class healthcare services and trial quality, Hong Kong has distinct advantages as a promising global hub for biotechnology. In the Hong Kong Innovation and Technology Development Blueprint released last year, the Government has identified life and health sciences as a key area for development; biotechnology has also been recognised as an evolving industry of strategic importance in China's 14th Five-Year Plan.
The increasing need for biotechnology has continued to drive clinical trials’ development, with a predicted annualised expansion of 6% globally over the next decade; furthermore, Asia is expected to outperform.
Predicted clinical trials market size (USD billion)
However, the number of clinical trials conducted in Hong Kong has seen a 22% decline between 2015 and 2021, in stark contrast to the average increase of 48% in major economies and the exponential growth of 285% in mainland China.
Number of clinical trials in Asia Pacific and global economies
To address the issues behind Hong Kong's lagging competitive position, the report proposes policy recommendations aimed at transforming Hong Kong into the leading clinical innovation hub in Asia, through attracting top-tier biotechnology firms, fostering talent development, and strengthening Hong Kong's role as a bridge between China and the West. The study proposes 5 policy initiatives, such as the establishment of a Clinical Research Institute to facilitate policy implementation and the creation of Hong Kong's own primary drug review authority.
Our Hong Kong Foundation (OHKF), in strategic partnership with Hong Kong Science and Technology Parks Corporation (HKSTP), today released a policy advocacy report entitled Developing Hong Kong into Asia’s Leading Clinical Innovation Hub. Clinical research supports biotechnology as a strategic pillar of Hong Kong's Innovation and Technology (I&T) development. Clinical trial in particular is vital to bridge the gap between Hong Kong’s academic excellence and drug commercialisation, attracting biotechnology companies to Hong Kong as home to their new drugs’ development and ultimately benefitting patients with drugs from the latest clinical breakthroughs. Experience of the UK National Institute for Health and Care Research (NIHR) demonstrates that a £1 investment in clinical trials can generate economic benefits of up to £7.6, underscoring its economic potential.
With two universities ranked top 50 globally in medicine and top 100 in pharmacy and pharmacology, as well as well-recognised, world-class healthcare services and trial quality, Hong Kong has distinct advantages as a promising global hub for biotechnology. In the Hong Kong Innovation and Technology Development Blueprint released last year, the Government has identified life and health sciences as a key area for development; biotechnology has also been recognised as an evolving industry of strategic importance in China's 14th Five-Year Plan.
The increasing need for biotechnology has continued to drive clinical trials’ development, with a predicted annualised expansion of 6% globally over the next decade; furthermore, Asia is expected to outperform.
Predicted clinical trials market size (USD billion)
However, the number of clinical trials conducted in Hong Kong has seen a 22% decline between 2015 and 2021, in stark contrast to the average increase of 48% in major economies and the exponential growth of 285% in mainland China.
Number of clinical trials in Asia Pacific and global economies
To address the issues behind Hong Kong's lagging competitive position, the report proposes policy recommendations aimed at transforming Hong Kong into the leading clinical innovation hub in Asia, through attracting top-tier biotechnology firms, fostering talent development, and strengthening Hong Kong's role as a bridge between China and the West. The study proposes 5 policy initiatives, such as the establishment of a Clinical Research Institute to facilitate policy implementation and the creation of Hong Kong's own primary drug review authority.
