China rides biotech wave

 01-Jul-16, China Daily

The United States' biotech industry is the world's leader, but China is moving forward, pushed by the central overnment and increasing demands on healthcare for the population.

Image: China Daily

In an hour, four investors had stopped by Alex Zhang's booth to seek investment opportunities at the international biotech convention in San Francisco.

"It was unimaginable in the past that US investors should be interested in a Chinese biotech company," said Zhang, investment and financial director of Sinobioway Group, a major biotech company in China at the Biotechnology Innovation Organization (BIO)'s annual convention.

Biotechnology is one of the seven strategic emerging industries that the Chinese government designated in the 13th Five-Year Plan. "Made in China 2025", an initiative of the central government to upgrade industry, also designates biotechnology as a key industry to push economic development.

The bio-pharmaceutical market in China is expected to reach about $601 billion and the market for biotech manufacturing will be at about $150 billion by 2020.

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