(Yicai Global) July 14 -- On July 13, the Chengdu Hi-Tech Development Zone issued its Several Policies on Facilitating the Bio-Pharmaceutical and Bio-Medical Engineering Industrial Development (the Policies), which specify that the government will back enterprises engaged in research and development, production, and distribution in sectors like bio-pharmaceuticals, bio-medical engineering, and smart healthcare.
A special fund for the bio-industry of USD1.47 billion (CNY10 billion) is to be set up to endow these bio-industry companies.
The special industrial fund for bio-pharmaceutical and bio-medical engineering is an angel fund, a venture investment fund and an industrial development fund. It supports and serves bio-tech companies at multiple levels via various channels and forms.
"With the Chengdu Tianfu International Bio-City as the major carrier, we will strive to turn it into a one-hundred-billion-yuan industrial cluster by 2022," the head of the Chengdu Hi-Tech Development Zone said. The Policies issued this time encompass such fields as project initiation, breeding, expansion of scale and ecological improvement, while aiding ongoing supply-side structural reform and better use of policy bonuses, which will significantly boost the bio-industry.
Unremitting efforts in recent years have achieved the gradual formation within the development zone of characteristic fields for the bio-industry, like bio-pharmaceutical, bio-medical engineering, and intelligent healthcare. Also, auxiliary industries like bio-services, bio-environmental protection and bio-manufacturing are also rapidly clustering there. By the end of 2016, this zone has seen 1,336 enterprises, including Chengdu Diao Pharmaceutical Group Co., Alltech Medical System LLC and Medtronic Inc. [NYSE:MDT] put down roots.
To accelerate the construction of an ecological cycle for the bio-industry here, the Chengdu Hi-Tech Development Zone will also strive to develop supporting enterprises and intermediary service agencies for sectors like drug screening, pharmacology and toxicology, and safety evaluation, and meantime vigorously expand standard workshops and public plants suitable for good manufacturing practices (GMP) production.